This is what finally I settled with

http://www.harborfreight.com/12-speed-bench-top-drill-press-44836.html

The way to adjust is by moving the belts on pulleys. Is that the only way to adjust the speed. I thought adjusting the speed will be just dialing. But I have to move the belts. May thatz what 100 bucks will buy me.

A question on how long should I take to make 1/2" holes on a 1/4" plate. I was taking too long may be my drill bit was not sharp or something.

Any advise please.

Ganesh