I seem to remember seeing pictures of concrete based lathes that were being used to turn Artillery and naval gun shells during WWII. I think there is also an article in popular mechanics on concrete framed machines for the hobbyist.
Accuracy is determined by manufacturing and engineering goals. They would be at least as accurate as the flood of Chinese lathes... but how much accuracy do you really need for the job?
Cancrete and cast iron have similar coefficients of expansion, but different heat conductivity. Designs could be similar in section, but the concrete would probably need enhanced heat management.
It may be better to fabricate a concrete column for some of the low end mills than grafting on hunks of steel. Steel, by the way, has a higher coefficient of expansion than cast iron. Concrete takes a long time to cure and moves a lot while doing it, but thinner sections might be interesting to mess around with. The CNC site has a forum for polymer granite. That's another cast in place alternative to cast iron... and doesn't require a foundry to do it. But that group seems to be more for dreamers than machinists and mechanics.