Summary

Tormach magnet ring light provides illumination around the spindle.

I used a 12V 70mm OD 58mm ID automotive ring light:
https://www.amazon.com/gp/product/B07FY66XWW/
Making sure it has an onboard voltage regulator so the LEDs are driven with constant current, that's the bump on the cord. You could source your own constant current driver and might be able to use cheaper lights. I installed a power adapter on the switched 120V cabinet power since the main mill power supply is 24V. Make sure you adjust the power leads to be directly in between two mounting tabs so they'll fit into the gap left in the printed part, I filled the back of the LED array with epoxy to prevent water/chip intrusion.

Magnets are 1/2" diameter and a little under 1/8" thick, I glued the magnets in with epoxy so they don't pull out, you could shrink the fit down into a press fit but I'm concerned with heat/coolant that the plastic will fail with constant stress.

All of these things are parameterized in the Autodesk Fusion360 file:
https://a360.co/3klfg7G
Use this link for the latest version of the file or to have an editable version if you have different parts/machine to fit to.