Well, you did ask ...... and will get any number of
opinions, including mine. Opinions are like *******, everybody has one and they all smell bad. Though, sometimes you can pick out worthy details by reading everything.
I also have a Craftsman 12X36 (101.27440)
and an Atlas MFC mill. In response to the query, I can only say that a milling attachment on the lathe, while worthwhile, is for (very) light work. It can get you by in a pinch, but too light for real milling. I do have a milling attachment for mine and use it occasionally. But the work I do is primarily model building in a small scale. It is a
little easier to set up than the MFC, read faster. Not a Craftsman, it's all homebrew.
The MFC is a whole 'nuther ball of wax. The spindle is a Morse Taper #2, it will accept a drill chuck from a large drill press. But should have a drawbar arrangement to keep it from falling out. Same with rotary milling tools, I have a number of MT2 tool holders and rigged a reversing switch on the motor. It states somewhere in the documentation that it will not yeild good results for "climb" milling. I am assuming you get a mandrel and drive with the machine.
I do occasionally use mine for drilling, with a right angle block. It's a pain in the wazoo, I have several drill presses. But occasionally have a specialty drill / mill /drill some more where it pays off. The bottom line here is that for the price given, I think the MFC, while light, would be the better buy. Assuming you get the pieces to use the mill in horizontal.
You speak of the vertical head; A good addition, wish I could lay my hands on one. Just be aware it is not made by Atlas, it's an after-market device. I would assume it also is fitted with the MT-2 socket. It ain't a Bridgeport, but is small enough for a bench and uses much of the tooling from the lathe. All in all, my opinion, smelly as it is, is go for it. Worst case, you can sell it later and get most of your money back.
Afterthoughts:
Both the milling speed and the table feed are adjustable. Watch out for broken teeth on the zamak gears, but they are replacable. I would highly recommend rebuilding from the git-go. The back gearing supposedly requires a special "wrench". I sort of jerry rigged a way to enable / disable it. I don't need slow speed for tough metals, I need it to see what I'm doing.
The page [
http://www.lathes.co.uk/atlasmiller/] has a good write-up on the Atlas miller. Several of the photos (colour) are of my machine as I was rebuilding it.
Bill Hudson