From what some guys have told me about Monarchs, there's quite a bit of stuff to try to interface on one of those babies, what with the floating Z axis for tapping, toolchanger, etc.
How to advise you? Hmmm, there's no way in hell that that machine is going to be ready to go in 3 days, if you attempt to do it yourself. If you can find a competent retrofitter who actually has experience doing one of these types of machines (a Monarch), you'd be well advised to get the guy down there for $620 per day. His knowledge would be cheap at that price. You can make more money hand-hacking 6" stainless round barstock than you will retrofitting it yourself
I highly doubt that cnc lite is adequate. You can almost bet that some of the nitty gritty details will force you to get cnc professional. Thats 5 large up front.
Edit: I'm not saying the Camsoft system is bad. But, there is a lot of road to travel for the beginning retrofitter. Chances are a "pro" would come along with a pretty good cbk file that would represent hundreds of hours of time spent figuring out good logic.