Drill press

Do yourself a favour and seek out an old Buffalo or Canadian drill press. They are built like tanks and were really expensive in the day, but you could probably pick one up for $200 or less. The models were manufactured with a morse taper spindle, or a JT33 spindle nose. They had table top and floor models in 15 and 18 inch varieties (7.5 vs 9 inches from the center of the drill bit to the column). An 18 is a real score!