I'm in a similar boat, need a decent drill press but could definitely use a mill. When you look at the price of a quality drill press, the drill/mill that Goingbush has isn't much dearer, and would be a lot more flexible.
I've been told that you should buy table to spindle height in a mill as its quickly used up. Once you take into account a vice/fixture and a cutter a small machine may not have much room left for the job itself. Again, that same machine that Goingbush has seems to have a decent height for its size/cost.
The HM30/RF30 style machine is another single phase mill/drill thats quite common and I've seen some go for less than $1000 used recently - at least one had some basic tooling with it.
Also a reasonable amount of info online on them.
There's definitely a bunch of keen DIY CNC guys around with the Sieg's so probably not a bad option if you really want to go there.
My personal view is that if you're older (assumption from your "no longer working" comment) and have no prior CNC or milling experience - as awesome as it would be - you'll likely to never get to the point where you end up spending the time/effort/money doing a CNC conversion.
If you do happen to get there, its quite likely that things have moved on - either there are better/easier models to convert, or you've found you need a different machine than you initially thought so will be looking at upgrading.
Keen to hear what you end up getting 
Steve
1985 County - Isuzu 4bd1 with HX30W turbo, LT95, 255/85-16 KM2's
1988 120 with rust and potential
1999 300tdi 130 single cab - "stock as bro"
2003 D2a Td5 - the boss's daily drive
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