That really just looks like a drill. Look at the Mill/Drills available at Grizzly.
You really want one that has some type of drawbar to hold the tooling. A drill chuck won't handle any type of milling function. It will just fall off/break/hurt someone...in any random order.
It costs more but here's the cheapest they had:
http://www.grizzly.com/products/G8689