That looks a lot like the ENCO unit I got used. I use it alot in my knife work. I do not believe a real machinest would like the tolerances but it does what I need. A good vise is over a $100, milling cutters are pricey delpending what you want to cut, you will also need collets of the correct size for the cutters.etc etc etc. Without some tooling you can use it for a drill press.....I know that is not that funny.
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