The sort of machine Jim has pictured is what I would call a mill drill.Thanks, Daniel. Let me explain what exactly I mean when I said ProxxonMF70 is not recommended for drilling. In principle, drilling means controlling the speed and feed. While controlling the speed is OK (it is electronic), maintaining the feed when the Z axis resulted in too much backlash and is hard to move is impractical. Also, it is difficult to feel the drilling process because the feed is mechanical, if you understand what I mean.
This is also a combination of a mill and drill press, and here you can control the feed you would normally do in a drill press.
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To my mind the mill drill is a far better proposition than the Proxxon.
I know I will probably get some hate mail for saying this but in my opinion the Proxxon tools are only just reasonable, they are hobby quality and although the machine pictured may not be a high quality machine it is more likely to do what you are looking for decades into the future and I would say worth saving up for as long as you have the space.
Cheers,
Stephen.