I've done this before. But to be fair it was a large Milwaukee corded drill from the olden days that you could lean on almost completely. It was years ago so I may be under estimating the time, but I kind of don't fuck around when I know what I want.
What you're getting out of a drill press is a powerful motor, and the ability to actually press into the metal to cut (assuming a sharp bit and OIL!).
Totally different subject, but my uncle was talking about some machine tools that are designed a little differently that somehow don't heat the metal being cut nearly as much (has something to do with the heat transfer into the piece being cut away). It's amazing stuff that makes a huge difference. It's also hundreds of dollars per bit and they are drenched in cutting fluid.
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