Jeff, it's hard to tell for sure, but there's a very good chance that press is the exact same as my Black&Decker, just with different stickers/colors etc. If that's the case, you'll be happy, mine works surprisingly well. In fact, I'm a little mad, I paid more for mine!
Mine goes down to 660 or 600 RPM if I recall, that's slow enough to drill steel. I even sometimes drill hardened steel with a solid carbide bit and haven't broken one yet.
Buy bits made for steel, not wood. Look at the tips and you'll see why. Always start your holes with some kind of center-punch. Use oil on your bits. 3-in-1 oil, tap cutting oil, almost anything like that will help keep your bits cool as you drill. They cut better and last longer that way.
You'll eventually want a small machinist's vise for holding small parts, but you can get by without it. Ask Santa for one
Practice basic stuff like "pecking" at the hole to let chips lift out of it, and slowing down your pressure when you're close to popping thru the piece; that's when it will want to grab and whip the work piece around. Check the
video link in this thread, it's a good one with lots of little hints. Our buddy Big Ern made one about chamfering/deburring holes, in
this thread.
I sometimes apply a sideload to mine, for taking a bit off of/roughing up pin stock etc. Once I had to turn some Corby bolts down with a fine file to fit existing holes in the tang of a re-handle project, that's not really the right way to do it but it worked fine. Just be
gentle, let the speed and the file or abrasives do the work.
I do most of my handle shaping with a rotary tool, don't know where I'd be without one! But I'm sure sanding drums would work fine in a press like ours for final sanding and polishing, again just be gentle.
I'm not a trained machinist, so I hope someone jumps in and corrects anything I may have said wrong here. But for the last year or so, this is what's worked for me. I've made a heckuva lotta holes with this thing and no problems so far
I know you're on a budget like me, but I tell you what... if I had to start over again, I'd buy my drill press BEFORE a grinder. I think you made a good choice.