Machining from the cross-slide on a lathe

The hardest part will be the spindle you end up with on the cross slide will need to remain parallel to the bed, yet move vertically to get that third axis. Can it be done? Yes. It will be more work for not a lot of return, because the weak point will still be the cross slide.

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Thank you - interesting ideas.
I'm expecting to work within the limitations of this method, so asking for 3 axes is just asking for the milling machine. The time to use this is only for conveniences, like a simple bolt-circle, a grub screw, and the like.

Epanzella,
If I understand your setup correctly, the hand crank seen in the lower right corner draws the lever until the pin rests tightly between sprocket teeth. That would seem to allow you to take out free play at the same time as indexing.
Yes, you understand that correctly. Turn the crank and lock the spindle. Takes out the backlash and allows simple indexing the spindle for drilling bolt circles. I don't use it for milling.
 
Thanks for the ideas!

I got it to work.
I had an old chuck lying around. It must have been an extra thrown in with a drill press I bought at auction, because it didn't fit and I never used it until now. It's turned out to by a trashy chuck and I won't use it again, but it worked well enough to prove that this method works.
I just had to mate it up to some 3/8" rod, and I found some bronze bushings at Princess Auto* that fit perfectly into my 3/4" tool holder, as you can see.
From this cheap and dirty proof-of-concept I'll do something a bit better for future use with a new chuck.

*Translation assistance: "Princess Auto" is a Canadian term. In the USA it's pronounced "Harbor Freight".

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