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Brett,
Yes, moving the spindle thingy is all the up and down travel you'll need for knife making. I agree 100% with most everything Don said and if you want,the best possible solution, can afford the best possible solution, can find a way to acquire the best possible solution, then you will do well to follow his advice. But, if you don't get quite that lucky and can't find that bargain to match your budget don't feel too bad about it. A heavy table top mill will do everything you need for knife making and it will do it with as much precision as the job requires if you do your part ....
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