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worth a try but you could probably get a small benchtop drill press on craigslist pretty cheap as well. When I look at this I see a great pen press for assembling pens. I am sure it has allot of uses.
 

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While a drill stand will be better than holding the drill by hand there is almost always an unacceptable wobble or angle deviance when using one.

Think of it this way, this setup requires you to place the hand drill perfectly at 90 degrees, and the stand to hold it in place while the bit is applying as much force to the drill as the workpiece.

My advice is to wait for a respectable benchtop drill to show up on CL or check out the HF presses.
 

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I have a similar "dust collector" in my garage…...You can get a brand new benchtop DP for about $50 without the frustration that you'll experience with your item : )
Presently there are 13 different types of drill presses on my W.MA Craigslist….Happy hunting !
 

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I've got a Wolfcraft drilling jig, and this contraption you've got looks a h* of a lot sturdier than what I ended up with. If I could do it again, I would've dropped another 20 or 30 bucks and got a real drill press. Or saved my money altogether and held out for a nicer one, FWIW.
 

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I started out with something similar by Vermont American. I wish I had gone straight to a drill press instead of messing around with that…

My drill press was bought as a used fixer upper on Craigslist (working, but needed a LOT of cleaning, lubricating, and belts) for $75.00, and mine is a floor model 3/4 HP 16 speed unit…
 

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I have one those and the drill that goes with it. The drill is a metal case Black and Decker, variable speed reversible. Good drill as long as the plug is grounded.

The black screw on the top with the jam nut fits into a recess in the back of the drill to line it up. If you don't have the drill made for the fixture, it will probably be hard to put any other drill in it.

Broke the handle on my fixture. Made a replacement for it out of lexan. Used it for years.

Don't use it much any more. Replaced it with a 1940's bench drill press from Craftsman with a stand welded to it to stand on the floor. Who need new tools when the old ones work so well.
 
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