I've recently been working on some metal projects which require fairly accurate drilling. I've been working with a small drill press which gets the job done, but mostly because the pilot hole is already there. I'm thinking of upgrading, basically because the drill press has a couple of problems:
-Loose spindle
-Short throat length
-Lack of rpm control for metal drilling.

I've read in different places that "the best drill press is a mill", which could be an interesting investment as the shop grows, and may be worthwhile for accurate, perpendicular drilling.

As of now, the parts I'm working on don't exceed 12", so it would be nice to have a throat length of about 6.5" or higher to be able to drill the center. I found this mill online which looks like a strong competitor, although it is above my budget (I'm hoping to find something under $500, this mill is $900 not including shipping)

HiTorque Mini Mill, Solid Column with Air Spring - LittleMachineShop.com

Besides drilling, I'm not sure how much I would really use the mill, so I'm still skeptical about buying. It would also be nice to have a bigger throat depth for larger pieces in the future, but the mill gives a much higher spindle alignment and drilling precision, so I'm between worlds here.

So, which tool would you recommend? Is there any brand which works better? By the way, I'm looking for a benchtop model, nothing too extreme but big enough for large pieces. Any help would be appreciated!