I do a lot of work on a slightly larger machine (a retro-fitted Axminster ZX30), but I did play with a "3040" type machine a few years ago. It was functional, though like all machines, you will need a bit of experience to get the best out of it.
Most important things I've learned that improved my results:
1. make sure there's no runout in the bit. I get up close with a jewelers loupe and keep reseating the bit if it's not spinning perfectly straight. (You'll see a blurred shadow around it if it's not true.)
2. map out and correct for any backlash. Fit the sharpest bit you can find and jog back and forth in XYZ. You can see 0.1mm offsets easily with a loupe.
3. try to get the bed as flat as possible. You can see very small Z offsets by putting a light behind the machine and looking at the cutter tip with a loupe.
4. cut at a very slow feed rate. Going too fast introduces a slight deflection into the system and you get wonky cuts. These table-top machines are not all that rigid. Cutting circles is a good way to test things.
5. when using small cutters on aluminium, I have to keep clearing the swarf with a squirt of soluble oil - otherwise I get rough cuts and broken bits. So you'll probably need to cover any exposed electrics and put a drip tray under the machine. (Mine is set at a very slight angle so the oil pools in a corner. I then suck it out with a squeezy eye-wash bottle and reuse it.)
I'd also suggest getting some carbide dental burrs. You may need a suitable collet (usually 1.6mm), but they're pretty cheap and come in a wide range of shapes and sizes. I've found the plain cylinder type cut aluminium very well, though the ball-nose ones do wear out fairly quickly. (For ball-nose cuts I use standard carbide BN slot drills.)
Not sure how well those pointy engraving bits will work on a 3040. I've never had much luck with them on aluminium (keep breaking the tips), but they do work well for making circuit boards. In aluminium, I tend to engrave with a 1mm ball nose at about 0.2mm depth of cut.