Mill or Lathe...

[JamesCH95]

Go with a mill. I have seen machinists put round stock in a collet (not the same collet used for mill tooling) and put a lathe tool in a vice and essentially turn a mill into a lathe. One can also take a boring bar, flip the tool around, and do outside turning on a mill, in addition to simply using a boring bar to bore out round pieces. Sure a lathe will do any of these better, but a lathe cannot slot, cut angles, chamfer square edges, etc.