WOW, Thanks for all the good info. I was excited about this drill press when I got it, but now I'm even more excited.
The chuck IS a Jacobs ball bearing Super Chuck. I really don't know what that means, but I trust flatheadford that it's a good thing. The numbers on the chuck are Jacobs 16N 3 UT, 1/8 - 5/8 CAP. The spindle does have the slot in it. The spec plate on the front of the press calls out the spindle as MT#2. I assume that means Morse Taper #2. Once again, I don't know what that means, but I'm excited to find out. I did a little more looking and found that a Jacobs K4 key fits the 16N chuck (and others). I'll see if I can find a K4 key locally. If not, I'll try and get the chuck out and take it in to get the right key. I don't even know where to take it around here. I'm guessing Ace Hardware is NOT the place. I may have to ask the guy at the machine shop where I've had a few things done.
Craig Clayton's suggestion that I can drill 1" steel is nice. I'll have to look into morse tapered drills and see what you're talking about. I guess that means I need to add a tapered drift to my wish list.
Thanks to all who posted brand names of your similar machines. I may need to cross reference one of those machines to get parts. I'm pretty sure I'll need a recoil spring. I'm guessing that Baby Grand's Black & Decker will be the easiest to find. Baby Grand, what is the model number of your drill press?
My slow speed is 250 RPM. I'll work with that for a while and see if I want it any slower. I know that there are router speed controllers available to slow the speed down even more. The chart on the lid of the drill press specifies speeds for both 60 Hz and 50 Hz. The 50 Hz. speeds are, of course, slower. I didn't even look to see the high speed for this drill press. I'd guess it's in the 3K RPM range. I may use the higher speeds for a sanding drum, etc.
As for the cleaning and oiling, Everything on this drill press is stiff. The table adjustment, the spindle, the belt tensioner. The motor is a little loud, too. I may pull it and see if it has an oil hole. I'm hoping that with a little cleaning and oiling and exercising of the moving parts, I can get this ugly old beast moving gracefully and smooth.
I think that I've opened a whole new world of possibilities in my shop with the purchase of this drill press. Thanks to all for the input and suggestions.