As a Machinist , I'll tell right now, there is no way a Store Bought drill Press could turn slow enough and with enough torque to do the Job properly.
You will also run into fixturing Problem and the Hole might not be square and true and you don't end up with an elongated hole.
That Spindle is a Hard piece of Metal. You would be Better Off using a 1/2 High Torque Low Speed Hand drill , and step drilling it in 1/8 increments, But I still think you would be better off with letting a Pro do the Job.
Hope this Helps,
84 GT, 5.0l, 5spd, SFC'S,LCB, 5300C Springs, Koni Reds, MMCC Plates, Cobra MC, Turbo Coupe Rear Disc&North Racer Brackets, 5 Lug with Tri-Stars, Alum DS, K&N, 86-93 exhaust/Dyno-Max Cat Back & Holley Street Avenger 570....Auto-X'er
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