Nobody says you have to run it wide open- - - -if the motor can develop sufficient torque at the lower speeds to power the drill press, I'd definitely consider using it. That would be good to miminize the number of speed-change pulleys the setup would require, since a variety of drill bit speeds can be had by simply varying the motor speed.
Jerry

"It is better to be silent and be thought a fool than to speak and eliminate all doubt!" - Abraham Lincoln
Cringe and wail in fear, Eloi- - - - -we Morlocks are on the hunt!
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. - Ernest Hemingway
Love your enemies and drive 'em nuts!