Thanks JAZZ, I appreciate you warning me of the expensive lesson that I may learn and think it would be silly of me to ignore such advice. So, I think it would be best for me to hold off on the mill until a later stage. However, if possible, I would like to continue learning about CNC and at least work on some form of a CNC project which may be more doable with my current budget.

Maybe a conversion rather than a build? I have had an old round bed drummond type lathe sitting in the garage for a while, very similar to this one (http://www.lancerregister.com/showthread.php?t=378816) but a bit bigger. Do you think that this would be a suitable CNC conversion project which would be doable with my budget? If so, hopefully it could be set up such that I could use the parts I buy for future builds (motors, drivers, PSU, etc).