Hello, ive been lurking around on here for abit and now i need a huge load of advice!

I wanted to build a CNC router or somthing similar about 2 years ago but had no cash to even start, i was also moving home and whatnot... anyway my friend has desided to start building bike frames and started talking about getting a mini mill to make dropouts. With my already reserched subject i told him to build his own for a similar price but far more capable for what else he wants to do, hes going for the cheapest possible build but it will do the job he wants it to.

All this talk of mills got me back to thinking of what i wanted to produce 2 years ago. Now money issues and my situation has changed, im just starting my journey again with CNC millers.

Ive changed what i want from a mill, i would like to do jewelry, Stainless steel gear housing (ice cream machine pump) and face plates, as well as a range of artistic and engineering parts mostly in aluminium.

now for the questions!

I allready have a Adcock & Shipley 1ES with a Bridgeport (same company?) vertical head attached.Its in working order but does need abit of reconditioning.

Is this mill suitable for what i want or will i need a different mill? (i want +/-0.001 accuracy)

Can i retrofit this mill and if so how much will that cost roughly? (im in the UK and normally get a good deal with things i buy)
Would i be better off retrofitting it myself or buying a kit?

There is 'play' or what i think is called backlash in the table(X and Y), will this just be wear in the Nut or somthing more expensive?

Ive also a 12" rotary table that i would like to make into a 4th axis, would it be easy to move it around for different jobs or do you have to re-configure everything each time it gets moved?

My buget is around £2000... or $4000 is this realistic for a retrofit + reconditioning and maybe some biscuits to eat?

Thanks in advance

Dan