Mmmmm… There is a lot to think about there. I can see where the problem lies, after the explanations it seems logical. Apart from Michael's solution, which may be the best one, it appears that there is a juicy problem to solve!
As Gordon says, 'what does it mater', overall, if you are above or below those rpm limits then the answer is; not much. But it is not the fact I was running with no load. If it runs like that without a load, what happens if an unbalanced load is placed in the chuck to start? It may just happen that you get the imbalanced load in the right place to get it all to balance, but what are the chances of that? More than likely, it could, potentially, make things worse. And if you are trying to work within set tolerances things might get frustrating!!!
So, my options are; MadMikes suggestion, Martin's suggestion (which, Martin, I have done. And downloaded and printed the articles, thank you.) Joining John in a padded cell with a pack of headache pills. Or, sitting down with a cup of coffee, watching the world go by as it fixes itself!!
Thanks all for the replies, cheers, Colin.