Micheal,
I have a small mill. I made digital read outs for axies. It would not be difficult to do for your drill press to put one on its Z axis (the chuck direction). I used inexpensive digital calipers. They cost me about 38 bucks a piece. I needed three, three axies. I would be very happy to send pics of my efforts to you if you like. There is one thing a mill and a press have in commen - that is the Z-axis. If you put a X-Y table on your press you can put them on those axies also. The calipers of the instument need to be cut off and it needs to be attached solidly inorder to get accurate readings when coming back to previous positions without getting a backlash effect. All in all, one DRO for your Z-axis should cost you about 40 bucks plus some effort on your part. If interested, email me if you want pics sent to you or ask here and I will post for all of us.
Roger