I am new to timber framing and although I have attended some apprentice clinics and used mostly the Makita chain mortiser I am looking for opinions regarding a different approach.

First, let me say I am going to be working in mostly oak (Red primarily - sometimes white). I am doing projects just for my own enjoyment.

Only due to the $1,500 price tag I am exploring alternatives. I have looked at the old beam drills (I favor the Buckley ones) but want something powered.

I have thought about using a 1/2" angle drill (like the Milwaukee Hole Hawg) with a depth stop and then taking the chisel to the sides to complete the mortise. That way I am hoping I can use that drill for my peg holes as well. Then, when I save enough pennies I can get the chisel mortiser.

Those with some experience at this...is this a reasonable approach or will I live to regret it?