I'm a total Newby to machining, but I've investigated these quite a bit looking for the least expensive, most pratical solution for this.
The biggest problem with that machine is that the chuck head will never work properly. It isn't designed to withstand lateral pressure. To be honest I don't know what you could use that machine for other than a nice little drill press.
http://www.harborfreight.com/cpi/cta...emnumber=33686
This would be the cheapest mill they sell that I would consider capable of actually milling. This identical model is sold by many other companies for $999+.
I've heard better things about this machine if size is an issue:
http://www.taigtools.com/mmill.html
Hope that helps.