Thanks again for all the advice in this thread. I wanted to necro it to provide an update. After taking stock of our budget for this year (trying to go to two regionals for the first time), the space available in our shop, and scouring Craigslist all summer, we have decided to go with the G704 from Grizzly. While it is certainly not a Bridgeport, I think having this will be better than having nothing at all. The fact that there are resources that describe how to convert it to a CNC is also a huge bonus.
http://www.grizzly.com/products/Dril...th-Stand/G0704
Now for my next question. Bits and accessories! What mill bits would you recommend to start off with? Brands? Any additional accessories we should consider? Any good guides for general maintenance or best practices? Thanks again!