To answer Bourbon, if one has the tapered collets that mate to the machine and the appropriate drawbar, yes, you can mill with that machine-no, you can't mill with a "Jacobs" style chuck.
The local Harbor-Freight-esque store had one in a corner on the floor with a bunch of missing parts. Just as the old boy that owned the store was nearing selling it to me for $250 (it was marked $800 or some such) he died from brain cancer.
Homier used to be based out of a town about an hour from here and they had many of those in all sizes, etc. Yeah, I lusted after one.
I think it would make a fantastic fairly precise drill press and if one was realistic in their expectations, it would make a fine milling machine.
Be careful though. It wasn't that long ago I got my first piece of machinery and now I'm in a position where a friend visited Sunday evening and asked me in which direction was I going to expand my shop-LOL! I had to turn down a piece of machinery due to space considerations