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I was faced with this same issue several years ago. I was able to find a Variable Speed Delta that was used but need a a minor recondition. After some clean up, paint, and basic rework it is a great piece. I spent about $300 total and it is much better than anything I could have purchased new for the same money. It has a 3/4 hp motor, 8 quill travel, and variable speed with a dial to control speed (this option is great). At the time I wasn't sure about the decision but after a few years of use has become on of my favorite machines.

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Brad
Avon, OH

Appologies to the OP for my sidetracking of the thread. I am so pleased to learn that others have done to inexpensive arbor presses what I was planning to do. A drill press is not designed to be a pressure applicator. One can do it, but personally it makes me uncomfortable.

Mike