Have you considered an ER11 spindle motor? A motor, clamp, speed adjustable power supply and set of collets will cost about £100 from Ebay.
While it won’t win any award for prettiness, it only took a couple of minutes to bolt a length of 10mm square bar to the clamp, that mounts in a QC tool holder. Then it just drops into place, and will happily drill or mill along or across workpieces with up to a 6mm cutter.