Drill/Mill or Lathe/Mill attachment for small shop area

[EricH]

David, did you mean inferior in quality?

It would depend on your price range, but I'd go for a drill press first. It is theoretically possible to turn it into a crude lathe (though most people frown on this...). You probably won't really need a mill for most things, though if you have the budget for it, I might do that.

Here's a tool rundown:

Drill press: main purpose is to drill accurate holes. Doesn't take large side loads very well, unlike its cousin, the mill.

Mill: Can be used as a drill press, but you can move the part to exactly where you want it. Also used to face parts, cut out weight in cool patterns, and make sure that you get the part exactly right. If you have the budget for one of these, and its tooling, skip the drill press entirely.

Lathe: Used to make round parts. Can be used as a drill, under the right conditions.

Of the three, I'd say start with a good drill press, unless you have the budget for a mill and its tools.