Short answer "No". The solenoid used to raise and lower the pen does not have enough power to lift anywhere near the weight of a Dremel or I suspect a flexishaft attachment.
A second limitation, if I am not mistaken your plotter has a vacuum system that sucks the paper down into a slightly recessed channel running the width of the plotter, meaning you would only be able to ( machine ) a flexable medium that will conform to this "channel". Meaning you could not "machine" a flat rigid surface.
Having said that I suggest with a lot of modification and inginuity you could modify this model to be a very good "plotter machine" as these units are surprisingly very accurate and if the same plot is printed twice ( without removing the paper ) has an acceptable
repeability with regards to image registration.
Bottom line....It all depends on how much time and resources you have and are willing to devote to this project. Hope this helps.