In a way you are describing state of the art robotic arms, but computer vision in that domain is less about economizing and more about coping with everyday materials and objects that are difficult to characterize.
The OP is coming from the CNC milling world where positional accuracy is more or less solved: you use cheap steppers or servos but expensive, precision-ground ballscrews; then you swear on Machinery's Handbook not to drive your machine too fast.
The real demons in dimensional accuracy come from things like spindle runout, deformation of the tool, and flexing and vibrations of the machine, fixture and workpiece (that are often different going in one direction than another!). Certain operations like drilling can't be corrected in real time. There are additional concerns like minimum amounts of material that can be removed with each pass - too little and you are just burnishing the workpiece.
Machinists actually do solve these problems in software when they generate toolpaths and fixturing.
The OP is coming from the CNC milling world where positional accuracy is more or less solved: you use cheap steppers or servos but expensive, precision-ground ballscrews; then you swear on Machinery's Handbook not to drive your machine too fast.
The real demons in dimensional accuracy come from things like spindle runout, deformation of the tool, and flexing and vibrations of the machine, fixture and workpiece (that are often different going in one direction than another!). Certain operations like drilling can't be corrected in real time. There are additional concerns like minimum amounts of material that can be removed with each pass - too little and you are just burnishing the workpiece.
Machinists actually do solve these problems in software when they generate toolpaths and fixturing.