Are you modifying this mill to have a trunnion or something? Is that why you need a 5-axis controller? Do you have the software required to write 5-axis G-code? That's something you might investigate before plunging into hardware modifications.
Have you actually found an automatic toolchanger system for the Sherline? Which one? I've heard of some kits that used to be available, but I'm not sure they still are, and reviews on them weren't too favorable. The Sherline headstock is just fine for use as intended, but it's not the sort of thing that's generally used with automatic toolchangers.
If you don't really need a 5-axis controller, this all gets much simpler. I'd suggest the Geckodrive G-540 4-axis board, which has the cables and breakout board included and will control your spindle speed and the other outputs you want. 400 oz-in motors are overkill for a mill that size; ask Geckodrive for some that are more appropriate. Dan Mauch at Camtronics sells a box designed for the G-540, although you might get your own fans, plugs and switches for it. You can use a 50v supply with that board, which should be ample to get full speed from your 23-frame steppers.
Riunning Mach3 on laptops is not recommended. They have power-management functions built in which won't shut off that tend to kick in at just the wrong moments. I'd suggest getting a desktop instead. This setup should be able to handle mild steel if you take it easy, but I wouldn't count on being able to mill stainless very effectively, since it needs a lot of torque in the spindle to avoid work-hardening at the cut.
But good luck with this, and be sure to write back and tell us how it all works out.
Andrew Werby
www.computersculpture.com