Thinking a bit more about it, I reckon the single point cutters are the reason for simple turning being fairly universal for most lathe jobs, so the cheapest option, so most popular. Thaiguzzi’s reply brought that home to me.
Setting up a rotary table and tailstock on the mill bed and machine long cylindrical parts between centres would be a pain but do-able.
But cutting large gears on a mill is easy – not so on a lathe?
I would need a much more sturdy rotary table to mill large diameter parts, but most would be possible, but I’m not sure if the finish would be good enough for bearing surfaces. Mainly because nobody would do it, so it has not been tried.
I must add, I suppose, that my mill is both vertical or horizontal – so rather more universally variable than the average vertical-only machine. Screw threading would need a deal of mods to be able to mill threads….
Jobs would be harder to set up for ‘turning’ type operations, but not impossible.
After all, it is just a change from predominantly turning the workpiece, to driving a rotating tool….