Hello Richard – welcome to the forum!
You will find all our regular tool suppliers, advertising or cited by users on here, or in the two magazines, sell good quality tools that enable decent-quality work once you've mastered them.
The two types of cutter you mention are 'Slot-Drills' (2 flutes) and End-Mills (usually 4 flutes). There are 3-flute versions too.
They are for different purposes, as their names imply: cutting slots and facing the sides of the work.
A further clue is when looking on the end, you see the slot-mill cutting-edges passing each other whereas the end-mill edges do not usually reach the centre. Indeed, many end-mills have a centre hole allowing their being fully supported on a tool-&-cutter grinder.
To answer your last, and most important question, before you start fraying metal, cutters and your nerves, do please invest in a handbook on basic milling without bogging you down in industrial-grade theory.
E.g that by Harold Hall, and I think another is by Jason Bellamy (one of this site's moderators.) I have a copy of the former, and it leads you through simple tool-making projects that teach you the basics and gives you some useful workshop items in the process. I don't know Jason's book but I am sure others here can vouch for it.
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Now, as you realise, even the best cutting-tools blunt with use, at a rate depending on the materials and the way you use them, but milling-cutters are not the easiest to re-sharpen to regain decent performance. Not on an ordinary "off-hand" (bench) grinder. Hall's projects include a fairly simple but effective set of adjustable tool-rests to turn such a grinder into a basic Tool-&-Cutter Grinder. He has also written a book devoted to that subject alone, with the designs for slightly more sophisticated tool-holders.
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Become familiar with metals and their machining characteristics, if you are not already!
Some types of steel cut beautifully – their alloys are formulated for that. We find others awful – they are made for applications either not needing quality machining, or they do but for making items used in very demanding operating conditions. This crops up quite frequently on this forum, where someone despairs of obtaining a decent surface finish on what we learn is "Unknownium" grade steel bought from a builder's merchant or scavenged from a scrapped machine.
(Only yesterday I turned a piece of oversize, rough-surface, 6mm dia steel from B&Q: I knew I had to think what tooling to use for a fair result fit for purpose.)
You need think of processes. For example, "free-cutting mild-steel" (EN1A – I don't know its official new designation) machines beautifully, but is not for welding.
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Finally, your question is about milling.
Do you have a lathe? Without knowing exactly what you intend making, most of us here would probably assume you will need a lathe, and may already own one.