To make this project I was fortunate enough to have access to a full featured machine shop at City College of San Francisco, anyone remotely interested in machine work should seek out their local community college and take a class, before budget cuts are the end of them.
If you aren't as lucky, you can make this project just with another drill press, or without any machine tools if you use an arbor adapter, or a NEMA 48 motor.
Step 1: Gather parts and tools
A second drill press with vise and vee block, or metal lathe
Metric socket set up to 24mm (though 15/16 seemed to work for t
2mm Allen wrench
19/32 drill and 5/8" hand reamer (Just a 5/8" drill will do the trick in a pinch)
Gear puller, or plumbing handle puller.
A welder would be very helpful
Vernier Calipers or ruler graduated in 32nds
Medium (14") Channel Lock pliers
Angle grinder with cutoff wheel, and abrasive brush.
Parts you will need:
New Motor you may use a more powerful motor, but if it gets much heavier, you may need to counter balance the press.
New belt This should work for any NEMA 56 mount motors.
New switch (This is probably optional, but being unsure of the amp rating of the stock switch, I elected to pay the additional $4. This will also allow you to run on 220 if your shop is so equipped)