Hi Jeff, hopefully this isn't too little too late.. but it's been a while since I was in this forum.
As far as the on-board computer on that unit.. if you're going to have EMC drive movement, ditch it. I have a D&M5s (basically the same unit) which I converted to EMC some time ago. I'm using it for exactly the same small plastc and wood projects (even some metals) you are describing.
My conversion (which is actually now in Phase 2) started with gutting the internal computer and replacing it with the breakout board from Campbell Designs. It's a good board, and Bob Campbell provides great support for it.
Campbell Designs - CNC with Bob Campbell
This board gives you the ability to hook up the parallel port from the computer running EMC, and then connect up all of the driver boards inside the D&M unit to step and direction pins from the breakout board.
The 5s has a very nice electronic speed controller that the 4s does not (I believe) so you will definitely want to look into something to control the motor speed. I think Dale found a link to the one the 5s is using somewhere back in this forum.
This, and some tweaking in EMC gives very good results and the machine works well.
On to Phase 2:
Phase 2 was a conversion from the old, round, Vektrix (sp?) stepper motors to nice, new, powerful Keling motors and trading out the Campbel BOB for a Gecko 540 controller. Essentially simplified all of the electronics very nicely.
I also added the backlash adjuster for the Z axis at this time. It's a little tweaky.. but it works. The backlash on the Z axis right now sits around .004".
Phase 3:
I am currently replacing the D&M stepper motor mounts/couplings which have HORRIBLE end play in general. They essentially just replace the handwheel with a motor mount and a little splined rubber coupling for the stepper. I was experiencing on the order of .01 backlash with this configuration.
I have since replaced the X axis mount with the CMMS from A2Z. It's a nice setup and A2Z has given great support.. I had an ordering mixup with them but they were VERY quick to step up and get it fixed. This conversion took the backlash down below .003" and will get better when I make a couple tweaks in the backash adjustment on the axis.
The Y axis is currently being converted (the machine is now in pieces on my bench) with the Sherline CNC motor mount. When it's done it will probably be down around where the X axis is for backlash.
Phases 4 through infinity:
At some point, because of the bad end play in the D&M Motor mounts/couplings I'll be replacing the Motor Mount for the Z axis with either the Sherline or A2Z units, possibly adding a 4th axis and adding a Arduino controlled "front panel to EMC" interface to the enclosure itself.
As for doing stuff with your class.. it's a great machine for that. I'd even HIGHLY recommend getting them in on the conversion as well if practical.
Hope this helps.... Please feel free to PM (it may get a faster response) me if you need more information and I'll provide what I can.
Michael