That machine does not have the fine feed worm drive, so it will be very difficult to set an accurate depth of cut without resorting to complicated methods.
As far as I know there is no means to lock the spindle either, so getting the collet nut tight will be another issue.
I once fancied getting one these as I have a full set of Myford collets that I could use in it, but once its shortcomings were realised I chose a Boxford PD8 drill instead. Pillar drills generally dont make very good milling machines.
Having said that, the Fobco Universal is a very sought after drill, if you did want to part with it I dare say someone would pay a handsome price for it and you could then buy a milling machine with the proceeds. 
Phil
Edited By Phil P on 28/05/2020 19:38:51