@Gary Clarke.
I have ML7 and I have done plenty of milling on it.
Despite of what people say, once enough thought is given, very reasonable milling cuts can be achieved on this lathe.
My current record is a beautiful, clean 14 mm deep cut done with 10 mm wide circular disc cutter of diameter 63mm held between centers. It was done with single pass on 45 HRc steel bar 40mm diameter, to make a slot across it, with an aid of vertical slide.
My guess is that holding your cutter in chuck is a cause of problem as long as lathe bearings are fine.
Old chucks are tending to be bell-mouthed and cutter is also kept far from bearing. Not good.
You should buy MT2 mill holding chuck with ER 10 or ER 32 sets of collets and for smaller mills use Myford collet system which is very good too.
Always drive your job into a mill in such a way that mill is not "dragging" it on due to feedscrew backlash and that cutting force is taken by machine headstock rather than bearing caps.
Always lock unused slides as others have pointed out.