If the rack on the side of the column is fixed both ends it shouldn't move that much. Can you take a picture of the elevating mechanism and rack so we can see exactly whats there?
The rack is, sadly, not sitting tight in its slot; some people have actually retrofitted a guide there so the column can be moved up/down without swiveling. This is fine - when moving the column, no sideway forces act on the rack. But, frankly, I would not want to have the rack take up much force during milling if it can be at all avoided as it has structural function - if the bottom clamp is opened, the rack takes up the considerable weight of the column and the head...
I'll see if I can get photos of the clamping mechanism, but it's just a bolt with a handle that compresses the slotted base around the column.
It may be worth contacting this guy as he's done a lot of mods on his.
http://www.juergenschwelm.de/
He seems to speak English? so hopefully conversing with him should not be a problem.
It's no problem, especially as I'm a native German speaker as well - in fact we're chatting regularly in a German forum. ;) He did indeed do several very nice improvements to his mill, but has since sold it for a larger one.
I've not seen such a lightweight version of a mill drill like this before with no fine down feed. They seem to be popular in Germany though and folks are making some good stuff on them so your problem must be solvable! Please let us know how you get on.
Yes, it is an extremely low-cost mill/drill. Out of the factory, it can hardly be used for milling since it comes with a very thin-walled column (like 3mm or 1/8" wall thickness) - usually the first thing you do is to replace it by a solid column. And it has absolutely no "comfort" features at all; even all of the scales are unusuable because they're just some bolted-on metall strips; the chinese do not even bother with lining them up correctly. ;) But some people like to improve the machine - it costs almost nothing (hence, no risk of damaging an expensive tool) and you learn the basics of machining the hard way, if you're that inclined. The fine down feed is a popular addition, as well as DRO, fluid cooling, 3-phase motor etc., some people even pour the base with epoxy cement for additional weight...
I guess that any round-column mill/drill is facing the problem I'm trying to solve here, so I was hoping there is a "standard" solution. But extensive searching did not turn up anything so far; I guess people are rather tending to get a larger mill without the round column, and using this only as a drill.