A single trip tool and method for cutting a subsurface window through a well casing and installing an anchoring and orienting sleeve in the casing adjacent the window for subsequent downhole well procedures and equipment installation. A mill held in position within the casing by a hydraulic and weight-set tubular anchor sleeve is used to cut multiple vertical slots in the casing wall to form a single, large window. An indexing mechanism controls circumferential placement of the mill to ensure contact between adjacent slots. The mill is supported for rotation and longitudinal movement by a carriage mount that advances along dual sloping rails causing the mill to form an increasingly deeper cut during its initial cutting movement. Following formation of the window, the mill is retrieved leaving the anchoring sleeve in place for subsequent well procedures. A second embodiment anchors and orients the cutting assembly with an internally contoured coupling that is part of the casing string.