This is more of a 'how I did this one', and there's no way to cover everything, I can only describe what was needed to get this drill press back up and running.
My reason for doing this project was purely practical. I needed a drill press for my 'micro workshop' and I had no money to buy even a good second hand one. Cost had to be kept to the absolute minimum, whilst giving me a practical, usable tool at the end. It's a bit of a gamble because the drill could have turned out to be beyond repair and therefore a waste money.
I waited and searched for a drill that was ready for the scrap yard. It had to be quoted as 'working' but I knew that this would probably mean that it would turn when the motor was switched on. It took me two months to find one.
Step 1: The drill on arrival
The first thing to do is to check the drill over and try and figure out exactly what you have bought BEFORE you start working on it.
The second image shows the general arrangement of the standard drill press from 1931. Some have a lot more parts than mine, but the main areas of interest are the condition and accuracy of the base, the main pillar (column), the table, the spindle, the quill and the chuck.
This is the correct drive pulley system for the pattern of drill I purchased. Do a little research before you start work.
Everything was covered in light surface rust and the shite of a hundred years worth of use (the drill was made between 1899 and 1914). The paint work was a multitude of colours with at least three layers of paint, all poorly finished. The motor mount was a homemade item that was badly fitted and totally wrong for the drill, the drive belt pulley was the wrong type and size for the drill, the ancient key-less chuck had a broken jaw and wouldn't tighten, and most seriously, the quill rack and pinion gearing was U/S and kept jamming. The ball bearings were pitted and rusty.
The motor wiring was dubious at best and dangerous at worst, there was no on/off switch, the motor started as soon as it was plugged in.
But the drill DID spin up when the motor was turned on (although the motor stalled at start up). So not a total disaster. there was some slop or 'wobble' at the chuck (about 30 to 40 thou on my dial gauge) but the bearing cup was also a little loose so maybe that could be improved upon.
All these problems needed testing, investigating and correcting.