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Oh Dave when you go to The Little Machine Shop look at the mill starter kits for each different mill you look at. Ask yourself the total price if you buy a mill. I would just stick to drilling out the slots and using a file and dremel to finish before spending that much on something I know little about. It is great that you want to save time and learn a new skill, but there is a steep learning curve and a lot of money just for slots in a guard?
Just a cross slide table is fine and since you have a cheap HF press, it's easier and cheaper to replace than buying a mill if you did screw it up. Just buy the cross slide table and three end mills. 1/16", 3/32" and 7/64" to start. You need a square to scribe a centerline and the dimensions of the slot and you can get those calipers, digital, for $20. If you do screw up the spindle, just take the motor and the pulleys and make a small 1x42 belt sander.LOL
Oh, there is a video on YouTube that shows you how to fix a bent spindle.
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