Was like you a year ago, had a look at the finest "Quality
Import" stuff and settled on a 40+ year old Clausing mill,
perfect for hobby stuff. They're around for between $1000-2000.
Here's a link:

http://www.lathes.co.uk/clausing%20vertical/index.html

Check out my restoration:

http://gallery.intlwaters.com/thumbnails.php?album=323

Especially see the last page that details the accuracy of the
machine...