I need some help with a shopping list. . .

I am a new member here and I am wanting to convert my Cinncinatti 1-D
toolmaster (1967) mill into a CNC machine. I want to be able to
control x,y, and z axis from my PC. Is there any easy way to do
this? Is it possible to just take off the handwheels of the three
axis and bolt on some drive motors hooked into the PC? Am I being to
simplistic in my thinking? What kind of motors will I need to move
the table? Right now it has a 1HP three phase. There is a fair
ammount of backlash in the table as well ( about 25thous), will this
mess everything up or does the backlash compensation from the
software compensate that much? Please send me your ideas on what to
do/buy, I cannot wait to get started!Any help is much appreciated!
Thanks, Allen