You have a lovely little machine tool there, And as rare as hens teeth ! As a useful and handy machine tool goes , I put my money on planers , I have a little hand powered planer of the same approx size as your Baldwin , I would not do away with it for the world, By taking care and having your tools sharpened correctly, One can achieve almost precision ground finishes with a planer, do not think you will hogg of metal like the modern milling machines using carbide milling cutters, You are in a different time scale, Your table should plane work about 15 feet per minute , with a maximum depth of cut about a sixteenth of an inch deep, for finishing cuts a broad faced tool and in the case of machining steel , The use of cutting oil and a three thou maximum depth of cut, & a fairly course feed, You achieve a finished workpiece like chrome
Operating a planer seeing the belts flipping from one pulley to the next is mesmerising , when it is operating , For really delicate work, my hand operated machine is "The Bee's Knees"