I have a VERY small shop and can't fit hardly any more floor mounted tools in it. I did buy the Ridgid oscillating spindle/belt sander a while back but that still left me without a disk sander.
Someone had posted the idea of using your lathe as a disk sander. I took that idea and made a disk sander for my small shop. My lathe is a 12" so I was limited to a 12" sanding disk. I bought some 12" disk sandpaper on eBay and used scrap wood that I had around the shop.
The negative is that when I want to use the disk sander, I have to set it up, and when I want to use the lathe for something else, I have to tear it down. But in my small, one man shop, I can do that.
The rest is best described by the pictures.
The first picture shows the sander set up on the lathe. The disk is made from some composite board. The surface is a piece of scrap plywood.
The next picture is looking up on the underside of the work surface. I have two adjusting knobs so that I can adjust the surface square to the plane of the disk.
To hold the work surface in place, I made a disk and cut off the sides so that it would fit between the way. Then it is turned 90* and the locking lever is used to tighten it. See the next three pixs.
I made two sanding disks so I could have one set up as coarse sandpaper and one with a bit finer sandpaper.