I just got done doing what you are setting out to do. I am a mechanical engineer that was told I was too old for new ideas! I do a lot of R&D, or now I should say I use to? At 49 I think those kids have a few things to learn. In the mean time...

Hopefully I won't get into trouble mentioning another board. Go to the centerfire forum of benchrest dot com and search their archives for lathes and mills. There's a lot of comments.

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We are rabid, foam at the mouth, certifiable people driven to, well ...accuracy. That particular BR style has few rules, so just about anything goes.

You will be amazed at the lathes and mills they talk about. They are usually no where near the top of line and not so big. Mine is a Chinese version that has the name Birmingham on the side. I think it is a 13x40? Anyway, there you will find lots of info on what to look out for and what are some of the gotchas. Digital readouts are not needed on the lathe. THey might be beneficial on the mill. I don't have any and don't really miss it.

Tooling I usually buy from Travers or whoever has specials going this week. When it comes to chambering rifles, that is the only really specialized area that requires some pricey stuff.

Email me with your address and I will try to find my list to send to you. Please note, by trade, I am a wood butcher (gunstock maker) that only works on metal on the side. The exception is BR, and it looks like that may change to SS.

Best of luck! (when you get set up, it is interesting how many new "friends" come out of the woodwork to have you work on their rifles

Take care,
Chris

As a general rule, all else being equal (it seldom is), the largest heaviest machine will usually give the most satisfactory results. However other factors usually become much more important, factors like price, and size vs the space available, as well as the repair parts and tooling available for the particular model being considered. IMO you should avoid any lightweight machine and also any machine for which tooling or parts might become scarce.
Good luck, Joe