2 axis CNC to make gears

Projects General Guidance
1

I would like to make a simple 2 axis CNC machine to create gears. One stepper motor could spin the gear, and the other could move a drill bit in a single axis. On ebay, I can find double h bridge controllers for less than $10. For example: Imgur: The magic of the Internet

Now, if I were to buy two of these, and two stepper motors, and a power supply, is this all that's necessary (electric wise) to build a gear maker? I already have an arduino and a computer. For the power supply, can I just use a simple power supply that turns a home power supply into something that looks like my car's cigarette lighter?

2

I would imagine there is a lot more to it than that.
Using the flutes of a drill as a milling bit is not going to work. I think you will need some z control so that you can control the cutting rate.

Have you seen my milling project:-
http://www.thebox.myzen.co.uk/Hardware/CNC_Conversion.html