I'd rather make a knife with files than try to make a knife without a drill press. Why? Because getting the scales to lay flat on your blade isn't nearly as easy as one might think. I chased that problem for a while. I'd sand the scales flat, and I mean FLAT on a surface plate and then when I'd put the knife together I had gaps between the tang and the scales. Then I began making sure my tang was lapped flat, flat, flat. And I'd still see gaps when I dry fitted my scales. The problem was the pin holes not being lined up perfectly. It doesn't matter how flat things are if the pin holes are not square.
I'll tell you where else a *decent* drill press is a life-saver. To lighten the tang you'll end up drilling holes in the tang. I started out with a wimpy drill press. To remove any real amount of metal from the tang you either need a couple of big holes, or umpteen little ones. My wimpy drill press couldn't drill big holes without stalling and binding. I had to drill pilot holes for everything. Then step up several times. This takes forever. I finally got a decent drill press and now I can drill 1/2" with no pilot if I wanted to.
You can use whatever you have in the beginning. When you eventually sell your knives your knives can pay for better tools. BUT, starting off too low on the totem pole makes this a very long journey.
I have the best/least expensive drill press I know of. It's the floor model Porter Cable from Lowe's with a 1 HP motor. $300. Easily worth twice that amount. $300 sounds like an awful lot of money when you don't have it, but let me tell you this- there is NOTHING you will buy in knife making for $300 that will be more valuable than a good drill press.
If I had $500 to start a knife shop (stock removal), I'd buy that Porter Cable drill press and a 2x42 grinder, a mill b.astard file and a cheap vise. The next thing I'd buy is a good vise, a pile of clamps, and stock up on good sandpaper.
No matter how far you go in knife making, you'll still always use those pieces of equipment for something, so there isn't a dollar wasted there. The end goal is working towards a 2x72 grinder.