Picked up a very used (and abused) Jet JDP-17MF drill press for cheap. The advantage of this over the Walker-Turner (restoration details here and here) is the height and the smaller footprint.
After getting it home, the first task was to get it attached to a mobile base that was left from the old Craftsman table saw. Resized of course, and two layers of 3/4″ plywood bolted down with carriage bolts.
Now begins the real work, repairing and cleaning.. the repair part was started first. Inside there is an pully that swivels on the center pulley shaft. The shaft is fitted into a hole drilled in the drill press head. The hole became worn, the pulley then started to lean to one side and the belts shredded.
Another issue is that the rack is broken on one end.
Initially the goal was to repair the pulley and shaft, but after working on a solution, I decided that loosing a few speed options was not that important, at least for now.
To thoroughly clean and investigate the pulley repair, the pulley cover assembly had to be removed, and to remove that the spindle pulley had to be extracted first. A gear puller was required.
After after a lot of cleanup using SuperClean, the only a couple things were purchased to complete the project. One was a 25′ extension cord and a Harbor Freight link belt. The power line in was replaced with the extension cord, the included 8′ cord was not going to work.
There is only one handle bar that work, the other two threaded holes are striped and the assocaited bars are missing. One will suffice for now. The link belt was easy to adjust to length, and it really is quieter than regular v-belts.
Also, parts and a diagram is available at eReplacementParts.com.