From my perspective I have a Amadeal lathe. It was around 500 quid and you have to spend time setting it up. I dont have a mill but will be getting one. I wouldnt go for the combined machines. Reading the engineering forums, mags etc its not the way to go

What I would do different
1. I would spend more money on the lathe but not hugely more (at least if feathers and some heavy was my main focus). Something like a WM 250V would be a big upgrade from where I am
2. Making gearboxes, bulkheads and the like a mill would be hugely useful and thats where I would put my money first. I would love to stretch to the Warco turret milling machine but a WM16 or WM18 standalone machine seems decent