We were just chatting about these in another thread. I'll preface by saying that I've never run or even seen one in person.
I think all your concerns listed are valid. I think you could probably adapt the machine to be useful, but it's not really a great example of either tools, and makes major sacrifices in functionality in both departments, especially the lack of a knee and Z travel other than the quill, which is honestly not how you want to get that movement except for drilling.
Frankly the quill on a bridgeport is only advantageous for drilling also, which is a trade-off for versatility versus rigidity.
You *should* be able to find a much better knee mill for that price. Bridgeports can swing wildly in price by area, couldn't touch one for that here unless it was worn out bad, *but* if you've got will to move something bigger in weight (not footprint) than a bridgeport, there are some absolute GEMS to be found for scrap value. My big mill is a Kearney and Trecker No 2 Vert, from 1939, and it'll run circles around a Bridgeport of any year. Although it does have a lower spindle speed and doesn't have a quill. Try to avoid the chinese clones, although some Taiwan mills are good. I've got a chinese clone that's actually quite decent, but I got it from the guy that bought it new in '93, and it's an MSC branded machine. He used it alot for plastic so, YMMV.