The first pic is the table lift crank with lever disassembled. (BEFORE)
The second pic shows the assembly sequence of 'new' lift crank. (AFTER)
The third pic shows the NEW parts. The crank(514330) is NOT shown.
The washer is a 3/8" flat washer which will not quite fit over the crank shaft. Therefore the 4 notches are added(filed).
The white thingey is a spacer to hold the original 'pinion knob' centered. It is made from a paper roll core and is slightly shorter than the pinion knob. The core had 8 webs between the od(7/8") and the id. The id was 'sliced' at 4 places equally spaced. This allows the 'thingey' to slip over the crank shaft.
The washer goes between the new crank and the original pinion knob. The clamping force when the lock wingnut is tightened is from the crank through the washer to the pinion knob and to the table pinion.
The fourth pic shows the spacer(thingey) on the crank shaft.
The last pic shows the downside to this alteration.
When the table is rotated 90°(think vertical drill press) the table hits against the crank 7/8" short of hitting the way tubes(previous limit).
This 'alteration' does NOT modify any existing parts and is therefore totally reversible(assuming you keep track of the newly unused parts).

EDIT: 'Thingy' has been replaced with a more durable part.
http://www.shopsmith.com/ss_forum/viewt ... 20#p163020
Also see other(simpler) solution below.