Hi Nathan.

First of all I should explain that I do not know this machine. But…

Unless the machine has a drawbar to hold MT2 tooling SECURELY in place, I would strongly suggest you do not try any milling with this machine.

Drilling machines are NOT suitable for any milling operations as the Morse taper is NOT designed for any sideways load.

Drilling machines are designed for upwards pressure, where the taper is under constant pressure from the drilling action, milling on the other hand, exerts sideways load which can, just when you least expect it, cause the taper to come loose with often unexpected results and possibly injury

Further to the above, you will need to lock the quill at some position to control the depth of cut. There was a version of the Fobco Star pillar drill ( the Universal) that was adapted for milling. The picture (2nd down on the link) shows that it had both a quill lock and a hand wheel controlled option for the quill down feed. The Fobco overcame the problem of holding milling cutters by having a Myford nose thread that allowed the use of the Myford style 2 MT collets.

Sadly, I don't think your Warco drill can be adapted to these necessary modifications. Sorry! Your best option is probably to use a vertical slide on a lathe.

Rod