I have attempted to search but the three letter limit for searching doesn't do well with "mill". I am looking to purchase a small mill in the range of about $600. Thinking from harbor freight (simply due to having one close) I am also going to be in need of turning a few smallish pieces and was wondering about the possibility of pretty much attaching a traditional three jaw chuck up to the spindle of the machine. I have limited access to a full shop for producing any adapters etc. so that should not be a problem. I am thinking create a mounting plate with the matching taper the drawbar can thread into. From this point just bolt the chuck on. I am only thinking of turning maximum about 6" diameter parts and much more likely around 2" Dia. The length of the part would never be over an inch or so. I figured i could just make a tool holder to then mount down to the bed of the mill and use the y and z axis for translation. Is this common practice or has anyone even attempted such a thing? can you see any immediate problems with this?

Just to add I won't be planning on cutting threads so that won't be an issue for me, maybe later when i go to adapt the mill to be cnc but not now.

The max cutter diameter on a X2 is stated at around 1" depending on where you look, personally I dont think that even if you adapted a lathe chuck to mount up the machine would handle it very well. Even the X3 probibly wouldnt like it. Maybe if you had something like a Bridgeport style knee mill it could be done. A benchtop lathe would be a whole lot safer and more practical and besides they arent all that expensive. Just my 2 pennys though.

Sure mills can be used as lathes.
I figure it's just a vertical headstock.
these links show a mill being used as a lathe in two configurations.

http://www.youtube.com/watch?v=2Munq_hXxTs
http://www.youtube.com/watch?v=wbfXXeiSHsw

Mark
microtools.ca

Everyone hates 3n1 types of mill-lathes, but since that seems to be what you are asking, here goes anyhow...

You could step up your price range a bit ($1300), and buy what by all reports is a decent chinese lathe: the Sieg C6. Grizzly sells a version of this with the X2 milling head attached as a combo mill-drill (G0516). This would allow you to do everything you want now.

In the future, when you decide that you can't stand a mill-lathe combo anymore, you can strip off the X2 head, and still have a decent lathe (unlike some of the other combos where you get a sucking lathe and a sucking mill in one package). You can either buy a base for it at LMS so you have a complete mill or just buy something better.

http://www.grizzly.com/images/pics/jpeg288/g/g0516.jpg
http://www.grizzly.com/products/Combo-Lathe-w-Milling-Attachment/G0516

It really sounds to me that what you really need is a lathe, not a mill.

metalbyter, you have the right idea in that second video you have posted. The only thing i was wondering about is how the workpiece is being held, hence the suggestion on my part of making a taper backed to a three jaw chuck. Any ideas of how they achieved this in that video, or do you know what size of machine that is?

I don't want one of the mill-lathe combo machines at all, i've heard so many other people complain about them. I am looking at the majority of my use will be as a mill just rare pieces that would be much easier on a lathe.

Turning 6mm diameter is viable (held in a collet).
Adding a chuck adds too much weight and too much extra length.
Turning 6" diameter will be an effort in futility (even in a Bridgeport).
The C6 lathe/mill will do what you want to do for cheap.
Better yet get a lathe and a mill.