I have one of those Chinese mini metal lathes, and have been very happy with it. It was another one of those 1/2 price sale purchases.
I used a milling machine for a brief period many years ago when I had access to a machine shop. Later, I bought a cheap machinist's vise with X&Y lead screws, and used that with a drill press as a crude milling machine. It didn't have a lot of travel, but it was okay for milling small work pieces.
I'm not a machinist by any means, but as with most things, if you use common sense, and go slowly and carefully, things generally turn out well. I still have all of my fingers.