I've a Warco round column mill (the "Minor"
. It's really a very solid drilling machine, but it's done a fair amount of hobby miiling. It sits on the bench as is big enough for the small engines I have made eg Stuart Victoria, the Nemett four stroke. I've used it to make bevel gears perfectly well.
I found the lack of vertical register, not a huge problem at all, just an inconvenience for having bought a cheaper mill, which didn't crop up much, but you do have to bear it in mind if you need to swap cutters/drills for a specific set up. The backlash on the fine feed gear is awful and demands that a vertical scale is fitted, makes a massive difference to the machine. The other problem is that the quill can stick within the 'span' of the backlash and then let go into the work! The antidote is to ensure the quill friction lock is always at least partially engaged. It's a cheapo (not so cheap these days) early generation chinese mill/drill and you get what you pay for. Purely for drilling it's hard to fault.
If I was to buy a mill now with the same requirements and small workshop constraints (ie it's got to go on a bench), it would be the Super Sieg X3.
The Sieg is c£1500 and a round column equivalent is c £900 – £1000 ish. My mill is probably worth about £200? So it does come down to budget.
For hobbyist's like me – new chinese machines (my opinion) are a better option than so called 'old iron'. Unless you have a time served machinist close by who can help you sort out the good stuff from the dogs and help with set up and alignment etc…
Steve