First thing I did is mount the base (floor model) on a pair of 24-inch wide 6x6 landscape timbers. This not only made the tool much more stable (rock solid, actually, compared to being top-heavy and tippy), it raised the work surface 6 inches, so now I don't have to bend over to work at it. I'm 6'1", and hunching over to work at my stationary tools is pain. Literally. Raise the work surface 6-inches, and that's a TON. I did the same thing with my hydraulic shop press (but with metal legs, a spread base and adjustable machine feet), and will do the same thing with my bead blast cabinet.
Next, I made a plywood shelf for the bottom and secured it to the base. On this shelf, I set a Craftsman 2-drawer portable tool box (red), with the deep storage area under the lid. I removed the lock-bar from the lid, so I can open the drawers with the lid closed. I store my clamps, hole saws, a screwdriver for the pilot bit on the hole saws, any specific jigs, large drill bits, and my drill press vise (in the top storage area). 99-percent of the time you use these tools only at the drill press, so keep them in the box at the machine you'll be working at, rather than cluttering up your main tool box.
I removed the lock bar from the drawers because if you have to open the lid every time you want to go into a drawer, you'll probably just leave the lid open, which will fill it up with shavings. It saves two steps (lid up.... lid down) every time you want to go into a drawer.
I made a sacrificial table top out of a dollar-store white plastic cutting board. Trace the shape of the table, attach with counter-sunk screws and wing nuts below, and use with hole saws--they'll go into the cutting board, not your metal table.
Sunk the drill chuck key into a wooden file handle. This serves two purposes: I get better leverage when tightening the drill chuck, and it's harder to lose the key. I went the extra step of getting a Janitor's retractible key ring (the thing they always wear on their belt) and attached it to the pole with a big hose clamp, then put a small eye-bolt into the bottom of the file handle and attached it to the key ring, and now my drill chuck key is cable-retracted and always hangs right there, ready to use.
I made an "arm" from flat 1/4-inch aluminum plate that attaches to the pole... it attaches like a ring-style nitrous bottle holder or fire bottle holder in a race car. On the end sticking away from the machine, I made a little sheetmetal tray with upstanding flanges all the way around, screwed it to the arm, and have a little shelf to store my drill bit index, cutting fluid, and other small things. Line the shelf with a piece of rubber stair tread riser, because the stuff you put on it will rattle when the machine is running.
Finally, I replaced the rubber belt with a Link belt, to minimize machine vibration. A rubber belt takes an oblong set after a while, and will vibrate the machine as the oblong is forced over the pulleys. I also put a few scraps of Dynamat inside the plastic lid of the top cover to keep it from rattling and vibrating.
It started with me as a used $40 drill press, and after some basic repairs and my upgrades, it's a fine tool that is totally self-contained and independent of everything else in the shop, easy to use, and handy to work at. Your mileage may vary.
-Brad