I know a student on our team who bought this lathe:
http://www.harborfreight.com/7-inch-...the-93799.html
Hopefully she sees this thread and can share her experience with it, but from what I've heard, it works really well on everything she's tried except for long shafts.
I have another friend (not in FRC) who bought this mill:
http://www.harborfreight.com/two-spe...ine-44991.html
He said he chose that one mainly because of the price and because he didn't have room for a larger one. I'm not sure how accurate it is (the last time I talked to him, he was working with wood and waiting for aluminum to be delivered) but he seemed happy with it.
I'm not sure if either/both are accurate enough for what you need to do, but I'm sure someone else who will see this thread will. If you have any questions about the mill or lathe, general or specific, let me know and I'll see if they're willing to share more about them.