I dont know about the comment that you cant run big bits in a cheap drill press. I have a Crapsman floor model. I think it will go down to 240rpms. I regularly run the cheap Northerntool 1 inch drill bits in it and I havent burnt one up yet. I also run up to 4in hole saws in the same drill and cut thru 1in thick steel, without the bit getting hot. One thing I am convinced of because I have proved it for myself. Using just any kind of oil will burn up a drill bit. WD40, PB blaster, never on a drill bit, or a bandsaw. I use the Lennox brand cutting oil and I can tell a difference as soon as the oil is applied. The bits, or saw will cut faster and stay cooler than any other oil I have tried. The only thing that I think might be better is the LPS1 spray oil I find at Granger. I can have a bit just throwing a few chips and squirt it with the Lennox or LPS1 and it will start throwing curls. I have tried water, transmission fluid, 3M machine oil, motor oil and for me, nothing beats using the Lennox or LPS1 when it comes to cutting and drilling. and it dont take but a drop to get the job done. If you can take a 2 1/2in hole saw and cut thru 1in of steel and as soon as you get thru the metal take your hand and grab hold of the bit and not get burnt, and the only difference is in the oil you choose, then I say stick to that oil.
Now as to why I feel so strongly on this subject is because I was sawing some 2 1/2 in shaft on the bandsaw, while drilling some 2 1/2 in holes in 1 in steel on the drill press. I was spraying PB blaster on the saw and using the cutting oil on the drill. Well while going back and forth between saw and drill, I managed to get the oils mixed up and used the Lennox oil on the band saw and it immediantly started cutting faster thur the steel. I thought huh, and sprayed the hole saw with the pb blaster and it almost immediantly started heating up and stopped cutting. Put the pbblaster down and put a drop of the lennox oil on the hole saw and it went back to cutting and actually cooled off. Thats my story and I'm sticking to it.
I also want to add that I just got thru drilling a 1/4 hole thru 12 inchs of round stock and then followed it up with the cheap Northern tool 1in drill bit, using the same Lennox oil on my lathe, and when I got done I could lay my hand on the round stock. My lathe doesnt have any coolant pumps or fancy coolers.