I thought Ady and Mike (first two replies on the thread) were about right. I’ve followed the thread and am eventually adding my two pennorth worth.
I bought a mill/drill combo lathe as a starter. I was green and didn’t get on well with it. I had lots of experience with proper woodworking machinery several years previously. The lathe was not the best and the milling head was never used to its potential (I think).
I added a mill, which was not nearly rigid enough, particularly for a learner, but cost little and sufficed for several years.
Moving on ten years and more.
I had picked up an old Raglan Little John lathe which I eventually returned to working order. I was sold on the QCGB option, added a QCTP and thought ‘that will do me for whats left of my days’. Threading was a dream and it surfaced and faced under power far better than the previous (which was only powered on the long travel).
That lathe has been replaced, but only because I happened on a Raglan 5” in very good condition at a very enticing price. With an (admittedly) largely improved Raglan, of which I am well satisfied (with all the improvements to the basic design), I am sure I won’t be changing that model for a later one! It suits me fine.
In between the two Raglan lathes, I bought a delightful example of a Raglan mill, fully realising it was for small work. I then realised the value of Centec mills, from reading about their attributes, while investigating options for a larger mill. So when I found a suitable sample, I bought it.
I now have a superb British lathe of adequate size for most things I do (12” to the foot scale) and a delightful small British mill as well as the British made combo mill that does most of my machining in vertical mode – but is also useful for horizontal work.
So my advice would be to get a decent sized lathe, of the best quality you can afford, and follow it with a mill when funds allow. A good milling attachment on the lathe might bridge the gap, but that is all if a lot of work is undertaken.
I could, in hindsight, have bought a large mill and done most of my work on that – there is not much that a large mill cannot do (that a lathe is normally used for – threading being the clear exception!) with the extras that can be used with them. But that is hindsight.
With 3 machines available, I still find I have to break down set-ups at times. I am only a part time hobbyist with this kit. I have several other hobbies that also vie for my time.