re: drill press
I have an inexpensive drill press that I bought from Northern Hydraulics and it has served me well for the past 12 years. There are a few upgrades that you should do when you buy one of these low end units. First, take the belts that come with it down to your friendly parts store and buy a good set. On mine it looked like they just sliced their belts from a piece of hose. The other thing I did was to fab a lever for the tension adjustment. Now I can hold pressure on the motor base as I tighten the adjustment screw. As for bench vs. floor models, I have never had a reason to drop the table more than 8" or so. When a friend bought his, he got a bench model and built a neat cabinet with a drawer to mount it on. Now every things in one place, bits etc. in the drawer nd vices, clamps, etc. in the cabinet. On the top of the cabinet he made a tray that catches the chips. Liked it so much that I built one for myself.