I give you credit for trying and maybe you could rig up a hone with that drill press but dont bore that block, you're going to ruin it. I thought that Mag drill looked familiar but I mistook it for another type.
When I looked up the brand, it took me to Amazon. Magnetic drill press's aren't cheap, depending on what you want you could spend well over two grand and thats not including hog bits
There are all different types for different applications. Ive used them many times in my trade
Probably close to 30 years ago I wanted a Mag drill bad, I was always borrowing a buddy's
I came across a very old B&D heavy duty drill, it was so big two guys could have held it while drilling
If a bit grabbed it could easily break a arm
The hard part was getting the magnet and set up for the drill and I found one finally for about 200 plus dollars which was a lot of money for me at the time
I adapter the drill to the press and to this day I still have it, I just used it on a job last week
I wanted a table saw, posted asking opinions and needed one asap.....I had credits on Amazon and saw one with a stand on Amazon and with the credits it was like a 130 dollars
It's a Vevor and while it does what I need it to do, this saw is a piece of ****.....so for all the years im doing this a 200 dollar mag drill, while it might get by for the occasional small job, im really skeptical it can drill or bore any good sized hole with any type of accuracy
A few weeks ago I thought of this thread while I was visiting the auto machine shop doing the machine work on my Willys jeep engine..... The guy had an older Van Norm boring mill.....Look at the size of the bar, how the machine is made
While I think a fly cutter will remove material with this mag drill, it wont be able to maintain the bore accuracy through the length of the cylinder
Other guys may knock you or write sarcastic stuff, im not going to do that
Just consider your investment against have a cylinder bored and honed the correct way
Either way best of luck
