That's a challenge to do within a few thousandths. The drill in that size as well as the tap take a lot of torque and pressure so tapping and drilling to those tolerances will take a very stout drill press I don't think the mini-mill will be so good either. Someone with a pretty good size lathe is the ticket. preferably where your part will pass through the tail-stock. A drill press like my 16" delta floor model would be like a wet noodle for that.I need to tap 1" in with a drill depth of 1.25". The metal bar is cold rolled steel.
Easy!I have a lathe, but it's a mini-lathe and wouldn't be long enough.