PhilDAS-
People do it, theres that pithy bikes guy on yt who uses one of those small benchtop chinese mills. AFAIK they work ok, just with a bit of fettling. However because they are small,and small machines aren't rigid, you are forced to run the hole saw much faster than is best.This means that you wear the cutting tool faster.
Depends what mill you use as well, If you can find an older benchtop machine from 60s70s80s, then you are in a much better place (imo) than buying one of the chinese ones which are quite shite tbh. My lathe is from 1955, and runs amazing, way better than a chinese machine and half the price.
If you can find one, an older machine is a good bet, coincidentally theres someone looking for something similar on the lathes.co.uk classifieds at the moment.
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Biggles567
Wouldn't a tube notcher and a hand drill be cheaper?