Clarke Mill/Drill for CNC conversion?

Hi guys,

I found this, rather inexpensive mill/drill (available near to me, as
I'm in London, UK). What are your thoughts/warnings/advice on this
for a CNC conversion? There's a store nearby, so I'll go and take a
look at it: I was wondering what other things I should be checking
for other than basic sturdiness?

http://www.machinemart.co.uk/product.asp?p=060711225&r=2043&g=106

I'm already aware of the dangers of trying to convert a quill for the
Z-axis, but this one seems to have it's own leadscrew for the Z-axis
(check the third handwheel at the base..) I have access to a college
machine-shop, so I won't have too much problem with making up the
conversion pieces.

I was also contemplating redoing the nuts from Moglice, as I read
these tend to perform much better, and have less backlash. I was
thinking I'd go with gears, rather than belt-drive to reduce some of
the backlash as well....

Does anyone else have exerience with this type of machine?
Thanks again!
~Abby