Hello fellow rider, welcome to the zone.
I too purchased a mill for the purpose of making components. I race DH and ride a lot of a/m, and have been relentlessly designing parts for some time now. Pedals, stems, hangers, levers....it can all be done on these smaller machines.
I have an x2, which is the most common minimill for conversion. After a lot of tweaking, emphasis on a lot, it is possible to make these machines very accurate. If you're machining aluminum, you won't need a machine that runs over 5000rpm. With a belt conversion, mine runs about 4000 tops. Most of the work I do is in 6061-t651 with hss two-flute endmills.
What CAD are you using? For CAM, most folks here will recommend CamBam. It's free for the first 40 uses, and is very powerful. Also, plan on purchasing a full version of Mach3 controller software (~170$)
Just to give you an idea of what can be done with a little patience, here's some linkage that I'm working on for a prototype carbon dh race rig -
link | Flickr - Photo Sharing!
edit: can't embed flickr image, link is safe though.