Yeah you're right, this one is similar to my lathe drill press combo, the z axsis is movable once you unscrew the lock and then move up or down by screwing biger bolt with wrenc, at leas thats how my was, and once you unlock the z axis the whole motor and gearbox can turn 360° .
You could though put stepper instead of that handle for moving the head up and down for drilling, but the mounting would be slightly complicated.
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