Most drill presses use the belt adjustement, simple, tried and true, fewer moving parts too!
Well, 1st thing is with a large bit like 1/2", starting with a smaller pilot hole is a good idea. Also, for a large bit you should be using a cutting oil to keep the bit biting in right and turning smoothly. There are varying oppinions about wether you need oil at all, but if you decide to use it make sure it's a cutting/tapping oil, regular lubricants are not made for the job and will just cause more problems.
Speed is a matter of material, both of your work and the drill bit. What I was taught was to use slower speeds when drilling steel, and the larger the bit, the slower the speed. Use slow even pressure and let the bit do the work. Cut too fast and you'll overheat the bit, soften the temper and it goes dull in seconds. The harder you press, the more heat it makes, the deeper the drill loses it's temper requiring more material to be removed when resharpening.
1956 GMC 370 dump " 'Tater "1970 VW Volksrod "the Black Bomber"
2007 Chevy Avalanche
2020 Jeep Cherokee Trailhawk,
2005 Harley Davidson FLHTCUI
I dig all cars, old and new, whether they were hammered out of American iron, German steel, or Japanese tin cans. Being unable to appreciate them all is missing out on a world of great things.
But thats just MY opinion! :P