Two options with the Colt. Get a variable speed model, as you'll rarely need 30,000 rpm, and it'll run cooler and quieter at it's lower speed settings.
I do most of my wood cutting at 10,000-15,000 rpm.
Option2, is to get a fixed speed Colt, and get a SuperPID to control the speed.This get's you more efficiiency, which equals cooler running. Speeds as low as 5000 rpm, which allows the use of small drill bits, and full On/Off and RPM control from within Mach3.
www.superpid.com