I've built a cnc mill myself and I also had some problems with picking right spindle motor. Here's what I've tried:
-Black and Decker power drill: no speed control, quite a lot of play in the bearings. On the bright side it was compatible with a standard 43mm mounting brackets
-Dremel knock-off bought in Castorama. Battery operated and thus only for emergency use. Non-standard mounting (some fancy thread, which I've moulded with epoxy and made a 'bracket' that way. Tools only up to 1/8" shank. Rather loud, heats up after about 30minutes of work.
-Proxxon rotary tool. I think it was FBS-12, but I'm not sure, it was borrowed. Very quiet operation, but somewhat low power at low RPM (easy to stall the motor). Seems kind of fragile, so high feed 'hogging out' the material is probably not a good idead (haven't attempted that, the tool wasn't mine)
-Kress 800FME. Very good tool. 800watts of power, very high build quality. Has an electronic regulator which maintains RPM no matter the load. I have never managed to stall it. The downsides include non-standard collets (standard 1/8" for small tools has to be bought separately) and EXTREME levels of noise at high rpm. At low RPM it's fine, but as you approach the max setting, you can hear it through 3 brick walls as if a jet plane was starting next to your head. My crappy clock indicator showed about 0.02 of runout. Costs around 150€, but it's worth the money. Fits a standard 43mm bracket. I have successfully milled various plastics, acryllic, pcb and all sorts of wood and its derivatives. I've also attempted aluminum, but this wasn;t going so well due to flimsy construction of my machine. I know that people have milled aluminum alloys with this spindle motor.
My machine doing front panel in ABS plastic
Some other machines milling Al alloys:
You can also try chinese brushless water-cooled spindles. They are very quiet, but cost isaround 300-400€+shipping+inverter.
For PCB it's also important what kind of toolbit you use. For drilling you want carbide bits only. They are quite expensive in comparison to HSS ones (like 1.5€/pc vs 1€/10pcs) and smaller diameters are brittle, so no free-hand usage. HSS gets dull extremely quickly (i mean like after 2 dozen of holes you can see the difference with naked eye) when cutting fiberglass laminate. Anything 0.7mm and smaller should be run at max RPM (at least that's what gave me good results)
For milling I'd recommend multi-flute serrated edge endmills, like this one:
http://www.frezycnc.eu/pcb-online-catalog/drilling-milling-and-routing/contour-router-bits-for-pcb/diamond-cut-endmills-for-pcb/. You'll also want to have a good chip&dust evacuation system in place before machining fiberglass laminate. Fiberglass dust is really nasty for your respiratory system. It also destroys soft and shiny surfaces (like plastic laptop enclosure for example) and greatly increases wear on mechanical parts of the machine (bearings, drive nuts etc) is they are not covered.