Just out of curiosity. How much would you estimate it cost in extras besides the mill itself to convert?
Mine is actually the X1 Micro Mill, as opposed to the X2 Mini Mill in the link above. The X2 has some better features (larger motor and controller and R8 spindle) but the X1 is a little bit easier to CNC, and can actually have a larger table and travel than the X2, with the extended kits from LittleMachineShop.
I really like making things out of wood on mine too. It's also very useful for quickly positioning accurately for drilling holes in a pattern and/or several identical parts.
So, to get going on this, here's how I would estimate the costs. Extended travel kits are optional, but I'd recommend it.
Harbor Freight 47158 Micro Mill - $256 after 20% Coupon
Hobby CNC Pro 3 Axis 205 oz-in complete kit - $265
Transformer and case - ~$50
LMS Extended Y travel kit - $106
LMS Extended X travel kit - $85
Material for motor mounts - ~$20
TOTAL: $782 with extended travel, $591 without.
And then you have all the tooling. To get started:
Vise - $100
3/8" Collet - $11
Drawbar - $12
Endmill Set - $19
Parallel Bars - $30
TOTAL: $172
Computer and software - Free (I use TurboCNC on DOS).
So, figure about $1000 to get you going pretty well.
And it just gets more expensive from there with boring heads, rotary tables, etc. And of course you need a lathe, and then bigger machines, and better tooling, etc....