I'm aware of a couple X2 conversions on here, as I did consider converting one.
Have you checked out cnczone?
I know most are US based, but there are a good few over there. The big thread of interest is Hoss's, as he pretty much took his as far as he could before upgrading to a bigger mill.

As for making the bits, an X2 is a mill ;-)
Doing bits manually makes you appreciate the benefits (and drawbacks!) of cnc.