I have use something similar, but now have a cheap pillar drill like this:
This one is twice the price of the stand but if you shop round you should be able to pick one up for £25 ~ £30 pounds. They are not high precision tools but I have two now, they are very useful.
Wizer you should be able to pick up a drill press for not much more than the old accessory drill stand, I 've got both and I have only used to old accessory once in the last 3 years.