try to find a working 3phase motor, mount it to the drill press, power it with a vfd..
Another inexpensive way is by adding a couple pulleys and jackshaft.
like this
[video=youtube_share;Y9uDh9mxeCg]http://youtu.be/Y9uDh9mxeCg[/video]
yeah, there is nothing wrong with that Idea, (the 3 phase and a VFD) I did it to my wood lathe, love it.
But the motor and VFD i brought together, cost me around 2 bills.
I always say, like bvd1940 said, (1st off, I am cheap too, cheap and poor, lol)
But I always say, the cheaper I can put something together for, the more fun it is.
Putting my Delta wood cutting bandsaw together, $7.00 for the "1 HP" motor, (I think the guy was mis-informed, I think it's closer to 1/2 HP) Dollar for the large dis pulley for the B-S shaft, cut me own key way. Made my own Guard out of wood, (delta did too years ago) anyways, More cheaper more fun.
anyways, I can get a tread mill motor for free, I have to pick it up after Christmas,
and the controller on e bay for about $35.00.
Its a tread mill controller.