Peter,
A stepper seems to me like severely over-complicating things. Perhaps a small AC or DC gear-motor driving a screw. However, keep in mind, the drawbar needs to generate about 300# of down-force to pop the collet free. Also, depending on how you couple the drawbar to the PDB, either the drawbar or PDB dhaft needs to turn some to get aligned, before the PDB will come all the way down. A pneumatic cylinder can easily accommodate the coupling mis-alignment, but a leadscrew would require some kind of heavy spring mechanism to deal with it. Pneumatic really is the simplest, cheapest solution.
Regards,
Ray L.