A mill is certainly a powerful tool, even without cnc. Making metal parts of specified size with pefectly parallel faces, slots, grooves, keyways, angles etc. is all doable. Much of it is in the tooling/clamping. I dont know if your mill comes with tooling or clamping accessories but you'll find pretty quick you need end mills of different varieties, flycutters, facing mills, boring bars, reamers, the list goes on. And for holding work a vice is really nice to have but at a minimum a clamping kit is necessary and then you realize you need a rotary table etc.
And to set up the machine, calibrate, check parts etc. you'll want a dial indicator, calipers, micrometers, and so on.
Anyway, the mill is a big step but it only gets you part way there. Just make sure you've considered that in your figuring.
Good luck.