A number of manufacturers use laminate over mdf and if used properly will last a very long time. The best material for the top is cast iron and that is what "Bull Dog" which is top of the line uses. Regardless of what you use to make your router base, use a plate. YOu can buy them on line for as little as $50. The more you extend the bit away from the motor the more sidways torque you will be placing on the motor, it's bearings and on your mounting mechanism (screws?). You would also see a marked decrease in the quality of the cut. By the way, you can put a collet in a half inch router to allow for the use of quarter inch bits, but
I've never seen an adapter to allow a quarter inch router to take a half inch bit. Frankly I wouldn't dare to use one if one existed. Neither would I use any kind of bit extension as I would think it to be very unsafe in the circumstances..