I would say yes but the bearings wont last long and the drill press wont be much of a drill press anymore. The side pressure is the enemy here. You will also need a cross vice to move the work. Find a cheap mill somewhere and save your drill press.
I have used the drill press with a router bit in it to route out wooden burles for knife boxes for minatures and small knives. I just pull it down to depth and lock the side wheel. But I agree the side thrust worries me. I have only done it with wood not steel.
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