Dave:
Take heart, just because a Mill/Drill is a bottom dweller, does not mean it can't do. I think the very heart & soul of this NG is those that make do with what they have, usually with aspirations of something shinier, newer, more powerful...
I have the smallest of the Mill/Drill units offered by Jet. Mine was less spendy than yours, somewhere around $1100 with tax. I picked it up at the showroom. If you stay with this NG, or visit the rec.woodworking ng (something I'm lurking again). The debate around Jet -vs- Grizzly -vs- Harbor Freight -vs- Menards -vs- (name your brand) goes around and around. There is evidence that the machines - at one time - came from the exact same factory, with different color paints. That was back when all the imports came from Taiwan. Now it's less likely (IMO). Regardless, it seems clear that any of them can make you happy, or sad.
In the mean time, I've fashioned a automatic return power cross feed. Attached a "DRO" to the quill. And have milled and milled and milled with this thing. I attached the rack to the column to help prevent the head from spinning. In spite of claims to the contrary, you'll not get accurate repositioning of the head. As already noted, you can get used to finding edges, and with some careful planning (or dumb luck) you can get around the limitations. I have found the lead screws to be quite accurate as well as the milling results.
I still have visions of a knee mill dancing in my head. My good friend picked up a small Rockwell for 1/2 what I paid for my mill/drill. He's far more remarkable when it comes to auctions than I am. Oh, I've had my successes, but not like that. OTOH, I was a bit ahead of the game. It reminds me of my Commodore Vic 20. Sure it cost $300, but I was using it well before others had a computer at home.
I guess, to me a Mill Drill in the hand is better than a knee in the ... bush?