Hi Alex
The C0 lathe is a little on the small size and its bigger cousins C2 and C3 represent better value and would permit you to do some lathe type milling with the appropriate vice. The tilting of the head or mast is a little used feature for most operations where the three axis are needed to be as exactly at 90 degrees as possible. If you need to machine angles then holding the work on the table at the appropriate angle will get you out of most situations. X1 & X2 have a tilting masts and X3 a tilting head. However X3 has a quill and this has issues about play but can be worked around by clamping the quill when required. If you have the cash there are also the lathe / mill combos which whilst not as ridgid as individual machines are capable of machining alloy and steel if the feed rate is kept low.
Suggest you view the MIT workshop videos that have been prepared for students taking degree courses in robotics as these cover most of the basic machining operations and give a very good feel of what is involved. Look at all the videos as I have only posted a link to one of the set. All are worth a quick view.
http://techtv.mit.edu/genres/24-how-...machine-shop-5
Hope this helps
Pat