Sounds like you want to do it on your own. So i would suggest you, look around at the auctions and, put an ad on craigslist. I even bet there are some places that will give you an old lathe free if you pick it up.
The lathe mill combos are OK, but you are better off with an lathe and a mill seperate or a drill press, instead of a mill.
For brands i would get anything that is not too worn out, and is not made in China, Taiwan is the best for cheap.
German, england, USA, Japan are more expensive. be careful with the eastern European stuff too.
The only thing is if you buy a cheap belt drive lathe that runs on 120v or 220v it will lack power which equals time, So you are in no rush so just take light cuts, and you will be fine.
You also don't have to buy any fancy tools High Speed Steel blanks and a bench grinder is all you need for the lathe, for Aluminum
I have done precision job on some old worn machines you just need to take out the back lash..
Lots of the stuff will be 3 phase so you will need and transformer.
It also depend on how much room you have you could even get a bench top lathe,mill.
The only problem will be putting the holes in the reel at an even space, with out a radial table or cnc you will have to hand layout and drill, so you will need to balance the reel later by adding weight or removing material in spots..
Good luck
I have access to a full cnc machine shop and still buy my reels..I have always wanted to make a c/p reel though.
If you want some tips i am a Tool and die maker/ machinist for 20 years.