A 'select militia' comes dangerously close to standing army. Not good.
JBSF, I'm honestly surprised that you were unaware of the usage of that word in this context at the time. Saorsa has brought it up several times, as have I.
For further reading, I'd recommend US v Miller, where you will find some of the actual rules from back then mandating that citizens appear bearing arms supplied by themselves and of a type in common (military) use. That was the practical implementation of "well regulated" at the time: mandating that citizens have their own military weapons, along with ammo and other paraphernalia. They would fine you if you did not have them and use the money to pay for weapons for the indigent.
By the way, Publius' reference to a "select militia" scared and horrified the Anti-Federalists back then.
And after seeing how it went down in Boston, I'd say our urban police forces are pretty much "standing armies" now as well.