I have an objection to the "your biggest problem will be..." clause stated previously. I posit your biggest problem will be that a drill motor is series wound, and speed is load-dependent. Sure, speed is load-dependent for any motor to a greater or lesser degree, but in the types of motors traditionally used for servos, it is the very lesser degree. Permanent magnet DC motors put out a pretty predictable speed for a given applied voltage and all that's needed is a little trim here or there if there is a heavy load. AC polyphase induction motors only drop a little speed (slip) as load is increased; again, only a little trim needed. AC polyphase permanent magnet motors (BLDC AKA PMAC) have very predictable speed output for given frequency. A series wound motor on the other hand has wildly variable speed output for a range of load conditions. I have given thought to making a down-&-dirty series wound servo before but haven't gotten around to trying it yet so I can't say for sure whether it's possible or not, but my suspicion is that it is possible (it seems theoretically possibke to make ANY motor into a "servo") but would be very challenging to tune and probably wouldn't be precise enough for a CNC application unless there was a great deal of down-gearing from the motor to the load. I predict you will aim for SERVO and achieve "servo."