Do you have the part number or plate information of that Dayton motor handy to post?
My imported drill press is the first cousin of yours and sometimes I wonder how long the stock motor will last. It's awfully noisy and runs rough, although it was pretty much like that from new. Since I already have a mill with a VFD, I wouldn't consider spending that kind of money on a light, imported drill press, but it's still useful enough that I would buy another single-phase motor for it. When buying another motor, the obvious choice for metal working is to use a slower 1140 rpm motor.
I used a link-belt to help lower the vibration on my drill press.
View attachment 251557
This one "belt" was purchased from Harbor Freight which was enough for the two separate belts. These things stretch quite a bit at first so be prepared to remove a few links the first couple of weeks it's installed.
When I was installing the link belt I discovered that the idler pulley wouldn't move back and forth. It's attached to an arm that is meant to pivot in the headstock casting but mine was rusted fast! I guess they forgot the grease and it rusted-up on the boat ride from China. With some penetrating oil and a pry bar I was able to pop it loose and once cleaned, oiled and re-installed, it moved easily. With the idler free to pivot much of the vibration went away, so that's something to check if you own one of these drill presses.