That doesn't sound impossible for the Taig lathe, if you don't have to drill too deeply. But you have to realize that the length of the bore will be limited, since the drill has to mount on the bed, not in a conventionally-mounted tailstock. So if you need to drill more than 3 inches deep or so and you want to use a miniature lathe, you might look at a Sherline instead, since they are set up more like a normal lathe.