I think the first question is: Will the drill be brought to the material or will the material be brought to the drill? The answer behind this question will define your design. The latter is a true drill press.
What about something like this only with a drill motor and chuck instead. Heck, you could even hold it in there with hose clamps as long as you could get it perpendicular to the table in both planes.

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Teacher/Engineer/Machinist - Team 696 Circuit Breakers, 2011 - Present
Mentor/Engineer/Machinist, Team 968 RAWC, 2007-2010
Technical Mentor, Team 696 Circuit Breakers, 2005-2007
Student Mechanical Leader and Driver, Team 696 Circuit Breakers, 2002-2004
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