I have an older Jet knee mill, a bit smaller than the small bridgeport, but still has a substantial knee. I decided to control the knee since it is simpler. My plan was that if it didn't work well for Z I cold always just treat is as power fed and do the quill.
It has worked great, and I really like having the quill free for delicate drilling jobs. I did not add any counter balance, weights, springs or whatever. I have considered that a gas spring might add some speed, but I get fast enough Z moves. I have done some pretty delicate engraving job and the knee is going up and down rapidly without trouble.
When I first started I was having trouble loosing steps, but I switched to a smothstepper and it solved it.
I now run Mach4 with the ethernet smoothstepper, but I am working on a PoKy 57E-CNC board. Nothing wrong with the ESS, I just want to try the PoKey, I know Brian Barker has high regard for it.