I would really appreciate some feedback from someone that has experience with this type of machine, regarding this question... can one electronically adjust the vertical height to an accuracy of 1.0mm, 0.1mm, or 0.01mm?
I started life with an Ex-Cell-O variable-speed-head turret mill (Bridgeport style, only a bit chunkier), and have since acquired a few "real" mills, including a ram-type universal (Van Norman). I find that I use the Ex-Cell-O less and less for milling, and more and more, as a glorified drill press.
Precise adjustments in height on the (non-quill) universal are made with the knee, either with the crank, or under power, and (without a DRO) are as precise as you care to read the dial. Set the feed to 0.8 inches per minute, and stopping on any given target thousandth is not much of a problem.
Feeding into a setting on an indicator can be annoying, as you've got to be standing where you can manipulate the crank or the controls, and that's not always where you can read the indicator accurately. Conditional on being able to see the indicator, yes, at least with my mill, I can vertical-feed with the crank, to the accuracy I can read on the indicator.
If you think about it, this isn't terribly surprising. Vertical feed on the crank is, if I recall correctly .200 or .250 inches (been staring at Monarch dials too much recently). Call it .250, so about 6mm, in 360 degrees. With a crank handle that's some 12+ inches (300mm) in radius, so about 2 inches circumferential travel per 10 degrees. That's roughly 7 thou vertical feed per 2 inches of travel at the crank handle, or .17mm vertical feed per 5 cm travel at the handle. That's plenty of resolution to hit as much precision on the feed, as the rest of the mill and setup is likely capable of.
Power feeds on all three axes are glorious, especially with rapids for positioning and return passes. I find myself going to the machine that has them, way more often than going to the machine with the quill. Setups on the Ex-Cell-O may be a bit faster with the ability to fine-adjust the quill extension to perfectly dial in a depth, but once a part is fixtured and the mill zeroed (I don't have a DRO, just dials and indicators) the ability to just set the travel stops, slap the table drive into feed, and let the machine worry about the cut, really becomes addicting.
That being said, and this brands me a rank amateur, I still don't feel comfortable plunge-cutting with the power fed knee. I am much more comfortable if I can "feel" the cut on a plunge, so I reflexively go to the Ex-Cell-O and its quill, if I've got to push a cut vertically. Academically, I know I can just look up the recommended inches-per-revolution for the cutter, set the speed and feed appropriately and let the vertical drive handle the cut better than I can "feel" it, but there is something that still just freaks me out about doing that.
Still, if I could only have one, the Van Norman would stay and the Ex-Cell-O would go. I could get over my trepidation about plunging with knee, and while setups might be a shade slower, I can produce better, more consistent work with the Van Norman than with the Ex-Cell-O.
Will