Depends on your definition of good results. With the lack of rigidity the finish could suffer and with that spindle you'll be limited to small cutting tools so removing any significant material is going to take a long time. Its going to need dozens of passes rather than two or three. Its hard to be definitive but I think you'll find it limiting for anything but the smallest of jobs.

Personally if I was buying secondhand I'd want to see it cutting and do some trials first...