Difficult to answer, too many variables. Get the largest machine you can afford and can fit in the shop.
For a lathe, the swing will be the max diameter of the work. However it will not be easy to machine on the outside of a piece of metal whose diameter = swing, since the carriage will not be able to move far enough back. You could face the diameter. Subtract a few inches from the swing for max outside machining. I have a 12in swing lathe. I can easily machine upto 8in dia. Not sure about 10in. I may be able to machine this, but have not tried.
For lathe bed length the specification is normally tip of the spindle to tip of the quill when retracted and the tailstock at the end of the bed. Impractical to be able to fit some work at this length since you need some method to hold the work, at least a dead centre in the tailstock, etc. Max work length is going to be 2-4in less than spec if using a dog in the spindle, dead centre etc. If using a chuck, then the length is reduced by the depth of the chuck, several more inches reduction.
For the milling machine, max height will be reduced by a milling vise if this is used to hold the work, also length of collets to hold end mills, or protrusion of drill chuck+ length of drill if wanting to drill. Many inches of height can be consumed.
The spindle centre line to the column is the max distance to drill a hole from the edge of a piece unless the piece can be offset to left or right on the table, and the table has sufficient travel.