I have a Sherline mill, which certainly classifies as a "mini". They sell a fly cutter that uses a standard 1/4" lathe tool - either HSS or brazed carbide. It came with a brazed carbide tool which works fine and is less likely to overheat.
The only issue with it is that you need to be able to tram the mill accurately since it swings in about a two inch circle. Without good tramming you will be making cove moulding
What you usually can't do with them is cut into an inside corner, but mine at least makes a really nice flat surface.
Alan
p.s. You can see the Sherline product on their website. It's not suitable for your machine because it uses a #1 Morse taper shank, but it shows how a little one would look. They also have instructions on using one that would apply to your mill.