Are you building your machine out of MDF, steel, or aly? If MDF, you could build your pillow blocks out of laminated layers of the MDF, with a 1.250 bore through for the bearing. If steel, have a machine shop (or friend, or if you have the tools) ream a piece of 1.250 pipe to remove the weld from the inside, then weld a piece of channel to the outside of the pipe for a flat mounting surface. A couple of holes drilled and tapped for set screws to hold the bearings in place, and a couple of threaded holes in the channel, and presto-chango alakazam, garbage has now becom a pillow block!
Stop talking about it and do it already!!!!!
(Note: The opinions expressed in this post are my own and are not necessarily those of CNCzone and its management)