While a magnetic base drill may be the holy grail, Hougen makes several annual cutters that can be used in a hand drill or drill press, that will make life easier than using twist drills (which have a tendency to grab, when using larger sizes). Not to mention that the holes are actually round.
Well Bob, after reading your enthusiastic annular cutter post, I just had to try them myself. So I ordered a modestly priced set from ebay and I was amazed on how efficient they are compared to a twist bits. For my occasional use, these cutters totally eliminated my desire for a mag drill. To use the cutter on the drill press without removing the chuck, I cut the head off of a 1/2-20 bolt to use with a 1/2 drill female to 3/4 Weldon adapter. I could not locate online a stud for that purpose. That seems to be working okay, at least for cutters up to one inch anyway.
I do, however, have one question. Doing some reading online, I read nowhere about drilling a pilot hole before using the annular cutter. I drilled some 9/16 and 1/2 holes with a hand drill but if I did not have the center pin in the 3/16 pilot hole, the cutter would do some dancing and not be able to drill in the exact spot that supposed be.
I have to have a pilot hole whether I use the drill press or a hand drill. Is this the norm or did I miss something here? True, you can use a guide block as you pointed out, but that seems to complicate things, not just for the setup, but also for the exact location of the hole....... I am all ears.