I have done ALOT of research, here is my two cents:
The Sherline or Taig if you want to do REALLY LITTLE stuff. Cost less than 600.00
If you are really strapped, the Homier 12 spd. mini is a great deal at 299.00, but this style mill is not very accurate and may not be a good choice for a cnc conversion, because the money invested may ultimately end up wasted. If you want a manual mill just to fool around with it is the best bargain.
Next step up is the Rong Fu/Enco/Grizzly1006/7/HF33686 4.5 in collum style mill at around 1000.00. They need alot of work in accuracy and stability but once retrofitted are nice performing machines.
Next step up and probably best choice if you can afford it is the square collum Lathemaster mill at around 1400.00 Grizzly also has a nice version of this mill as well as Enco.
As far as lathes the Sherline for little , accurate stuff. The 7x10 can be had for under 400.00 if you look around. The 9x20 is next choice at 700.00-900.00, then you jump up into really big machines that I cant help you with.
Sherline is great stuff but SMALL. All the rest is Chinese and SLOPPY unless you got BIG MONEY. Just keep poking around here and on the other sites and start saving some money, then decide how much you can afford to spend and that will determine what you buy because you definately get what you pay for. If you can afford it get a German round way lathe at around 3500.00, there fantastic machines for the money.
Good luck & go BUY SOMETHING to get started. you wont regret it, metalworking and machining is a lot of fun and very challenging.
Halfnutz
(Note: The opinions expressed in this post are my own and are not necessarily those of CNCzone and its management)