[RickM]

The problem with the combo lathe/mills is that you have to typically "dismantle" one process to do the other. Therefore, setup time is lengthened and tedious.

If you want separate machines on a budget I'd suggest a good Taiwanese lathe and an older Clausing mill. They are very well made "hobbyist" machines.

To get around the 3 phase requirement in a home environment go with a Frequency Converter as opposed to a rotary or static converter. You will be able to convert your single phase service, govern speed and motor direction with a small solid state device.

Just my 2 cents.