The indexing wheel is a plastic material ([color="Red"]I'm not sure how well it will hold up long term[/color]). It is a commercial item I purchased from:
Given the possibility of damage to the index wheel during use, perhaps a method of locking the spindle when fluting, reeding, or drilling would alleviate any stress on the wheel. One solution would be to mound the sanding disk (or another disc mounted on a faceplate) on the rear spindle and build a block of sorts attached to tube ways so that one could use a quick clamp to clamp the sanding disk to the block and thereby immobilize the spindle.
I've seen a number of lathes with built-in indexing wheels that were damaged because the user failed to lock the spindle. It's best to unplug the machine as well so one doesn't accidentally turn it on with the index pin in place.