Re: Planning my build
That will do for a cheap build, but very seriously consider stretching your budget a bit.
I will never do a central screw design again, dual drive is much better. You avoid racking, and you can support the table properly at any point. The round rails (SBR) allow a lot of racking.
If you can stretch to linear profile bearings (square rails) then do. They are sooooooooooooooooooooooooooooooooooooooooooooooooo much better. BST Automation on aliexpress have great prices on Hiwin gear. There are plenty of other sellers (some cheaper by a bit) but I've had experience with BST and others on CNCZone have also.
I hope 27 oz-in was a typo? You want low inductance steppers. There are no good cheap drivers that I'm aware of. A Gecko G540 is a great investment and super easy to get going.
I favour steel if you have the tools to use it, but it is not flat enough without milling or epoxy or similar. It's debatable whether alu extrusion will be, but all these things are luck of the draw and depend on what you consider flat.
7xCNC.com - CNC info for the minilathe (7x10, 7x12, 7x14, 7x16)