well, the main problem is they have roller bearings. If you replaced the roller bearings with ball bearings, I bet it would be tons better. Another thing, you cannot mill with a drill chuck, its horrible for tollerances, and terrible for holding end mills, they will suck right out of the chuck.
How much are you looking to spend on this project? Check out harborfreight.com and homier.com, they have a few light duty MILL/drilling machines.
Jon
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