Hi.
I have a similar Warco mill in the small workshop. It’s ‘ok’ but one does have to understand it’s limitations, it’s fine for a little ‘indoor’ mill. The mill should only be used with the quill locked, unless either drilling or down feeding with a slot drill etc. The worm on the handwheel shaft can be adjusted in and out of mesh and can be adjusted tighter to reduce backlash, but backlash is always going to be there. If the spindle ‘drops’ when unlocked, it may be that the quill return spring is not properly tensioned, but it should never be too heavy in operation.
In general, when down feeding with this little mill I always have the spindle clamp not fully slack so that it provides a little resistance to keep the quill ‘in check’, and when milling it is locked always. It is only ever fully loose for rapid positioning and or drilling.
At the end of the day, if used with care, these little machines can produce fairly decent work.
Hole that helps…..