well give yourself a couple of hours. For me, the cutting of the shaft took the longest amount of time. I also used two cut-off blades, first one broke. Drilling didn't take too long, maybe 20-30 minutes. I drilled a very small pilot hole and worked my way up to 3/8" very slowly. I must have used at least 5 different size drill bits to work my way up to the final diameter. Once the shaft was cut and the hole was drilled, tapping was a breeze. Use lots of cutting oil and you'll be happy.
My brother and I did this one evening after work. I did all the work, he just held the flashlight. In the daylight, its a one man job. Just helps to have someone else to ask if you are cutting and drilling straight. Don't worry, you do NOT have to cut or drill perfectly straight. also remember to drill slow, maybe at 200-300rpms.