Hi Bob, thanks so much for your immediate reply!
I will try to answer, even though being Greek, I'm not familiar with the terminology of the lathe and mill components, please excuse and correct any mistakes.
I have the Austrian classic Maximat Standard MQ3100 made by EMCO that I bought and have used the lathe for restoring classic cars. It is a combination lathe/mill (sorry I'm not allowed to attach pics yet) and both the lathe the mill take an MT2 shank and it can use a Draw Bar to hold the tools.
To mill the toolpost holder, I initially tried an End Mill, made of HSS, that has an MT2 sahnk, so I put it straight into the mill, and tried RPM's up to 520. It was jumping all over and I did manage to shave off about 1 millimeter after 3-4 passes, but the End Mill was very worn round at the edges. As to the Depth of cut I was trying each time to lower the mill by about 1/2 millimeter or maybe less, and as far as 'horizontal speed movement' I went very slow (here I have no idea of how to measure this....)
I guessed that the HSS end mill was too soft for the hard metal the holder ids made off, so I went ahead and bought the 50 mm Face Mill Cutter with the carbide inserts that I tried again up to 520 RPM and about the same 'Depth of Cut' and Horizontal movement. Even though I have the draw bar tight, all available tightening screws set to very tight, there is still jumping around.
Frankly I'm so newbie in milling that I cant describe how bad the results are, I only know that I'm WAY far from all the wonderful youtube milling videos I see!
Hope all this is not Greek to you!