For a 9" OD, you wont have to slow the motor down much. Since speed is a factor of the OD, not the weight.
IMO, 1/3 hp is not enough. Assuming you have a clutch mechanism (a simple loose belt will work), then you "might" be able to get this up to speed. But even small cuts are likely to stall that motor.
2 hp or more would be better. Treadmill motors are not really suitable. They offer 2 hp PEAK, and wont run long at that level.
You need big ole industrial motor, a cast off from a workshop. Look around industrial companies.
Your head and tailstock should be solid and heavily bolted down. IMO the Shopsmith is not strong enough for something list this.
If you take a lathe like this http://www.olafvogel.com/uploads/4/7...39145_orig.jpg
and break it down into its components, its really simple. Note: all these pieces are from ~1880. You might actually find such pieces around in Mexico.
The ways were originally wood beams, so easy to DIY. When I bought my lathe, I was told that it originally had wooden ways, 25 feet long. I have to assume they were laminated. Angle irons can be added to harden the ways. This was all standard practice....about 100 years ago.
For speed reduction, you can use traditional v-belts. A small pulley on the motor and a LARGE pulley on the headstock.
You will likely want a reduction to about 300 rpms or lower. So for a standard 1750 rpm motor, you need about a 5:1 reduction. Ex. a 3" pulley at the motor and a 15" pulley at the headstock. The 3" pulley is easy to source commercially. The 15" pulley is one you can turn yourself on your lathe (you can see mine in my pictures). That allows you to create any reduction ratio you want.
If you want even lower gearing, then a 2 step pulley system, called a jack-shaft.
Keep in mind that the speed reduction will create an increase on torque, effectively multiplying your power and allowing heavier cuts.
(But I would still use about 2 hp)
There are multiple options for tool rest and if you can find someone with welding experience, they can create it.
For a DIY headstock, something like this is as simple as it gets:
http://www.sawmillcreek.org/showthre...stock-Spindles
Here's a step by step: http://www.ncwoodworker.net/pp/showgallery.php?cat=1058
I'm partway down the road of creating something like this, using a concrete base. For a 200 lbs turning, it wont need to be that massive and a wood-only headstock solution (like above) is feasible. Here's another example: http://www.isobevel.com/woodlathe.htm.
Some food for thought....