It might work, especially if you use mist instead of flood cooling.
I'd be a little worried about load rating of the cart, mainly because the connectors seem to just be a couple of rivets?
Mill plus steel plate plus work and workholding could get to maybe 600 pounds?
Are you getting this to make parts for the local economy, or mainly for fun?
For fun, for prototyping, as an upgrow from 3D printing, but mainly introducing CNC machining to my area. AFAIK there are only CNC lathes around (just two of them) so this would be the first CNC mill available in a radius of over 1000 miles. I see it as an opportunity to evaluate the need for this kind of service, sort of in a "Lean Startup" way (Fail soon, Fail cheap).