I use a cheap drill press, and it works fine... so long as I use expensive drill bits. Ironic, but my drill bits cost WAY more than my drill... but they cut metal, plastic and wood just fine. So make good carbide drill bits one of your must-haves.
Since this will be a barn space a dust collector is a nice to have... but some means of protecting yourself is a must-have. Invest in a good respirator.
Lighting... you'll need lots of it, so don't stop with one or two fluorescent tubes.