NO FEEDBACK....
not hardly.
Even with steppers, you can have feedback, and my personal preference is that you always SHOULD have feedback so that you know where you are, not just walking out 'blindly'.
Many machines run without feedback, but I have never built one that didn't.
Feedback can be in terms of incremental or absolute encoder on motor / lead-screw, or glass scale elsewhere on axis that gives true position, not 'calculated' from screw turns.
This means you don't have to worry about accumulated deviation (important on BIG machines).
Can you run a converted machine with handles? - yes you can, assuming you leave the handles on and have a way to easily de-power the axis drivers without shutting down other desired functions.
What machine?
Something this is big, rigid, sturdy, without way wear -> and one you can get ball-screws for.
You can never have too much travel.
Also, something that allows you to use a tool-holder that you use to remove / install tools without having to constantly reset the offsets.
Working with R8 collets and a CNC machine is OK if there is no alternative, but boy is it a PITA.