@Aurelius
OK. The AXA holder is 77mm long, plus two flanges (.125" x 2 ~= 6.5mm). 77+7 = 84mm + the Belleville/washers + handwheel = ???
It looks like things would be much simpler if the straight shank was at least 100mm long. Can you buy a new arbor with a 100mm long shank?
I suppose it would be possible to lengthen the existing arbor (now that we know it is threaded for a drawbar). I don't think I've ever seen a straight shank arbor threaded for a drawbar. I also don't know exactly what your skill level is of what skills and equipment you have access to. I'll make some (many) assumptions and here we go. I'll assume the straight shank is soft enough for you to turn.
One idea is to turn a .500" x .1" long diameter on the end of the arbor. Make a new extension, long enough to extend the arbor through the handwheel and leave it .700" OD for now. Drill and tap the new extension through, to match the drawbar thread. Turn a counterbore on the end of the extension .08" deep and ID to closely fit the reduced OD you added to the existing arbor. Attach the two using an alloy steel setscrew (1" long) and your best epoxy. Tight as you can/dare and let it cure completely. If you have access to quality TIG welding, the extension (without counterbore) could be attached by the setscrew and welded.
When it's ready to finish machine, put the boring head end of the arbor in a 4 jaw chuck (on your lathe) and adjust/indicate all of the unmodified portion of the straight shank to run precisely true. Use a steady rest to support the original diameter of the straight shank. Turn a 60° center around the end of the threaded hole in the extension. Remove the steady rest and use a live center in your tailstock to support the workpiece. Turn and polish the extension to match the diameter of the straight shank. Whew!
An alternative is to make a new (long enough) arbor from scratch.
Another alternative is to buy a piece of precision 5/8" shaft, tap one end and silver solder the "big end" of the existing arbor onto it. Again, the existing arbor must be soft enough for you to modify.
I haven't described the remainder of the design concept. However, if you can buy or make a "long enough" arbor, things get pretty simple.
What say you?
IMO, continuing with a "too short" arbor is unattractive in the extreme (how's that for friendly language?). That's not to say it's not possible. Different people have different ideas of what constitutes a nice piece of tooling. Trying to continue using a "too short" arbor isn't attractive to me.