Even if all I had was a manual Bridgeport, I'd still use it to rough my profile and rough my bevels. I know of no better way to get your edge straight and bevels started in even. Generally speaking, material removal rates on a mill are faster than a grinder, there is no risk of excessive heat, there is no dust, and it is safer than grinding. I have found that endmills are cheaper than belts, especially when you have a lot of "past their prime" endmills that are still good for rough non precision work like roughing in a blade. So it works for me.
We all approach this craft from a different point of view. I'm grateful for the comradery and acceptance I've enjoyed on this forum despite being a machinist rather than a conventional knifemaker.
So, I'm not saying this is a better way, but it works for me.
For an explanation of milling and a knifemaking process I use, this is a WIP I did a while back (I updated it to move the pictures):
http://www.bladeforums.com/forums/showthread.php?t=569950
However, there are several other approaches that can be taken, and I've developed a few techniques that aren't in that WIP. I'll do another one some day when I get more time.