Ranger Bob's right about the round column mill issues. You outgrow one of those pretty quick; I did. You need a drill press and a mill, I agree. The only time in knife work that I've encountered so far that a mill is better for drilling is with folder pivots- a mill often has the potential to drill a perpendicular hole better than drill press.
If you have the space, I'd recommend biding your time and watching Ebay for a full size knee mill to pop up used. You are in a fortunate location, relatively, for machinery shopping. If you are will to drive a few hundred miles any direction for a mill, I'll bet something good will pop up within a month or two at most for $1500 or under.
As for the drill press, decent ones are a dime a dozen on Craigslist most places. I like buying machinery used, can't afford it new anyway and usually there's not much wrong with it that common sense and a little elbow grease won't fix.