Homebrew PCBs

I believe this thread started with making a drill press of sorts for 
drilling PCBs, so if I am off track, forgive me, I got lost in the 
thread somewhere.

Frankly, you only need what you can get and what is available.  I 
drill PCBs by hand with a 16" drill press, jacobs chuck and a spindle 
that has more play in it than it should.  I drill holes very easily at 
around 1500 ~ 2000 RPM or whatever the speed is set at when I need to 
drill the holes.  Most of the holes I have been drilling on PCBs are 
around .020" diameter and I use carbide bits.

I don't like to run it at higher speeds as it only makes more noise. 
It will allow me to drill a bit faster, but so far I have not seen a 
need for faster feeds (drilling by hand).

The spindle runout is less of a factor than you think, especially when 
drilling by hand.  Select a drill motor that is quiet, smooth running 
and affordable.  Most of the bits I have for PCB stuff is 1/8" shank, 
so that would be something you want in a collet if you select a small 
rotary tool device.

Chris