http://www.overclockers.com/articles690/
Does very well, although may require more pump than some other designs.
And for the question: I saw a drill press in Canadian Tire ad today for $49CAD ($30 off). The specs are 8" drill press, 2.4A, 1/4hp, 5 spindle speeds, 1/2" chuck, depth stop.
Would this drill press be suitable for making these type blocks out of copper bar stock? Cause if so, I think I am going to pick one up for enlarging fittings and drilling out waterblock baseplates for thermocouples and for making the odd block or two