Scott, the drill press guides and bearings are not designed for lateral stresses, only vertical. You would risk ruining any work you had already been successful in accomplishing.
When I do my hatchets out of 1" square stock, I drill two 9/16" holes, almost touching, file out the web with a large round file, and then drift the hole into an oval with a drift.
You've hung out in the knife world for a while now and it's obvious the trials and failures of knife making haven't scared you off, but rather have inspired you to plow on forward!
That's cool as heck and nice to see.
Since you're going to be around for a while, I can pass this on:
Besides a variable speed 2 X 72 grinder, the two other purchases I made early on that have made all sorts of things possible, were a small lathe and a variable speed bench top mill.
It's unbelievable how many makers have the same or similar mill.
If mine broke down, I would either replace it or get it repaired THAT DAY!!
It is the rare day, indeed, that I don't have a use for it.
Until a maker can get one of those, it's pretty much small rotary tools, or files.
It will soon pay for itself and take your knife making to the next level in short order.
I envy those who can do without.
This is the one I got.
http://grizzly.com/products/Mini-Milling-Machine/G8689