I am thinking it may be worth a shot, have a couple of angular contacts and would be simple to make up a housing and shaft. If the box screws up its no big deal as I got 2 of them for £12

So what do you think?
Hard to say without knowing the ratio, but if I am thinking correctly, the original input shaft should be the center pinion and the output would be the planets, so 'arse for tit' the high speed would be the center pinion driven by the planets, which is a good arrangement for a speeder. The gear set will *probably* hold up if the planets are on (or can be put on) needle rollers. I'd say go for it. You are likely to have vibration issues, it will just depend on how bad they are and what kind of effect they have on your finish.
[50,000 RPM is] quite a bit faster than I need, tool I have is rated to 20,000rpm in stainless I think so anywhere between 15 and 20K would suit me.
The point I was making here is that the speed change ratio is minimized if you start with a source closer to the target speed.
Interesting as in funny watching me screw up?

We all get a 'turn in the barrel' so to speak. I specialize in frying electronic components. I get paid to know about things mechanical, so it is more embarrassing when I break the hard stuff.