Starting with wood.
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Yes, you can mill any wood, but some work better than others. Soft woods tend to cut poorly, leaving lots of "hairs" or torn-out grain on the edges. The harder the wood, the better it tends to cut.
You can use the same sort of endmills to cut wood as you use for aluminum, but once you've used them for metal you can't use them for wood. Get 2-flute rather than 4-flute cutters. Router bits work too. Speeds and feeds need to be down-rated by half or so if you're using one of those machines; they are calculated for routers that are faster and more rigid. Here's some info to start with: The Feeds and Speeds of CNC cutting tools - Woodworking Canada
Invest in a dust collector; these things make a lot of dust, if they work at all.
And be careful on ebay; make sure you can get a full refund if you're not completely satisfied. Don't expect any support from the seller. I doubt that 4th axis is going to be rigid enough to work well, since it's just a chuck on a bearing shaft driven by a rubber belt. And make sure you've got a computer with a native parallel port; it's difficult to add a parallel port that works for CNC.
