I posted on another thread but I'll comment here as well.

Somewhere else I see you mention £3k. With that much you can get long way to building proper machine made from steel.
Yes, it would be basic to start off with because of low budget but you would have a good foundation that truly can be upgraded as you go along without wasting money.
For a fully finished machine with decent quality components and few bells whistle you'll need about £4-5K but this will give you a machine that will last for years even in small production enviroment but more importantly be reliable and repeatable/accurate.

You will regret building this machine at some point that's for sure.