Can you create a fabrication drawing and a machining drawing from one model or part?
If you are asking to create 2 separate drawings from one part file - sure. You can create as many as you would like. You can also create 2 drawing sheets in one drawing. Each sheet could use different sheet formats and different dimensions. The big difference is you can't adjust document properties like units between sheets. That's where you would need 2 different drawing files.
Hope that helps some.
I would use configurations, one of the fabricated part and one of the machined part. You can make all the changes you want to the machined part as long as you keep them tied to only that (machined) configuration.
Edit: Once in drawings you'll have to go into it's properties and set the view to the configuration you want.
Should have read your post before I answered.
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