Nowadays most would engrave with a laser. Quicker, cleaner, quieter, less issues with work holding and required tooling. But to etch titanium or steel you're looking at 10-100 times the budget you have in mind.
A cheap chinese ebay mill with a tiny work area (the smaller the workspace they have the stiffer the machine will be) with a high speed coated carbide bit might be doable in the price range you're talking but it's going to be noisy, it's going to chew through tooling, it's going to be slow and the finish by comparison to a laser is going to look like you smashed it out on your kitchen table with some tin snips and a bastard file.