I actually have a fair bit of HF stuff. I've talked with guys that have the same stuff, only from one of the other importers. You hear a lot about better fit & finish on stuff that costs more from the so called premium suppliers. I don't buy it. I've also bought a fair amount of stuff from Enco, which is supposed to be a better supplier. Most of their stuff has been good, but the poorest piece I have is a vise I got from them -- go figure??

You can have issues with getting parts from HF. Parts usually show up, but it can take a while. Since the machines are identical, you can also order parts from one of the premium suppliers.

As for a round column mill/drill; make sure you consider the distance limitations through all the axes of the machine. The 8" spindle to column on a typical drillpress is marginal at best. Many of the mill/drills have even less. The max distance from spindle to table needs to be looked at closely if you intend to mount a chuck and use jobber length drills. Chuck & bit can easily eat up 8+ inches, another couple inches for a vise on the table and the height of whatever you're drilling can become an issue.

You really owe it to yourself to try drilling a piece of iron with a 1/2" bit that's turning 90 RPM or so. 220 RPM that most drill presses offer as the minimum speed is really way too fast for a farm shop. 90 is easier to feed and much easier on bits.