I have a very similar Craftsman drill press! I think mine is a bit older though, as the depth gage on mine is all black with white letters/numbers.
About 8 years ago the starting capacitor went out on it. I turned the drill press on one day and saw a puff of smoke coming out of the capacitor housing. Sure enough it had burned out.
I looked in the back of the owners manual to see if I could find the part number for a new one.
I got the part number and called the phone number that was also in the back of the owners manual. What I found funny was that the call was to Ryobi. The woman I spoke to on the phone said these drill presses were made for Craftsman by Ryobi, and are pretty much identical to the Ryobi version except for the paint colors and a few other small things.
She said if I had the Ryobi version the capacitor would have been covered under their warranty. But as a Craftsman model, the warranty was only for two years.
Anyway, to get the OEM capacitor directly from them cost just a few dollars more than the other online places I could find one. So I ended up going the OEM route because the OEM capacitor came with the correct connector on the wires, so replacing it was as easy as 1-2-3.
Now, that was 8 years ago, so I don't know if you can even still get the OEM version, but it might be worth a try to see if it can be had for a fair price.
Jim