Well...it looks a lot like the Shapeoko2 that I had and what it won't do is be rigid. There's an awful lot of flex in those aluminum extrusion, plastic V wheel systems. It'll be great for a laser, and if you keep your cutting loads light, it'll do ok with a spindle such as the one in the picture. If you intend to replace the belts with screws, you might as well build a new machine from scratch with low profile rails instead of the plastic Vwheels IMHO. I have seen the Vwheels break.
No need to replace the motors IMHO. I doubt they'll be the limiting factor. Your spindle power, and frame rigidity will.