Chapter 15 of G H Thomas' "The Model Engineers Workshop Manual" describes, and provides drawings for, making what he describes as " Cross Slide Micrometer Collars"
All the work appears to be turning or drilling, so should be possible without a Milling machine.
Graduating the collars may well get you involved in making a Graduating Tool (As shown in his "Workshop Techniques" which also deals with various methods of Indexing.)
For a 10 tpi leadscrew, 100 divisions (each of a thou ) will be needed, With longest graduations for Zero and each 10 increment, with shorter ones for the 5 increments., with the 1, 2,3,4, and 6,7,8,9 lines being shortest..
This tool is a J A Radford design., (Originally published in ME 4th January 1968,) which is also shown on page 177 of "The Model Engineers Workshop Manual"
Because of the 67T Bullwheel, it it is not directly useable on the ML7, (Since it relies on a 60T wheel for graduating., but could be used where some alternative method of indexing is available ).
HTH
Howard.