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Unread 23-11-2014, 20:46
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AKA: Scott Meredith
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Re: One tool/machine to level up a moderate shop

Not to pile on top of the previous comments, but also note that drill chucks are unable to safely sustain radial loads, even when used in a proper milling machine.

Some tiny benchtop milling machines do have morse taper spindles, but they are designed for (small) radial loads, and include a drawbar like a regular milling machine would have.

On topic - used is the way to go with your budget, but make sure you have someone familiar enough with a mill/lathe to make sure it's in decent operating condition. A beat to death bridgeport with a ton of backlash wouldn't be ideal.
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