I had the same problem. I added a second pulley in the middle. It allows me to greatly reduce the speed when I want. I had the pulley laying around so it was also nearly free.
Here is a picture. It doesn't really make up for owning a really cheap drill press, but it does make it better than it was. It sounds like you'll be starting with a better press in the first place so something like this might be even better for you.
Re: Slowing down a drill press in reply to Jeremy in DE, 06-12-2013 13:57:29
I have an old elcheapo Chicago tools floor drill press that has served me well. It has the center pulley for extra speeds on a pivot (the chart says the slowest is 240) and it has a rack and crank pinion to raise and lower the table.
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