Even as a machinist, tasked with drilling and taping holes, I've never seen one of these. That was back in the'80s. Maybe that's why.
Work just fine ..BUT..MUST use like a regular tap or break it. Drill an Taps been around a LONG time..(retired machinist). Perfect for drill and tapping a lot of holes sheet metal. Drill the hole, start the tap and use the drift to do the tapping, back and forth.
I use them when ever possible in material up to 3/4" thick and in screw size up to 1/2-13. A rigid set up and a thru-hole are required.
I've drilled and tapped hundreds of 1/2" holes in 1/2" plate using a mag drill.
Heres a link to a demo I did in 1/4" steel
I use them when ever possible in material up to 3/4" thick and in screw size up to 1/2-13. A rigid set up and a thru-hole are required.
I've drilled and tapped hundreds of 1/2" holes in 1/2" plate using a mag drill.
Heres a link to a demo I did in 1/4" steel

Nice, you made a demo, from freaking TODAY!
Do you recall who's 1/2 coarse bit you are using? I'd like to pick one up this winter.
Nice demo
What if your drill press doesn't reverse? Just hold it at break though and turn it off and then work it off or unchuck the bit?
I don't have any experience with these either and it seems like to me that I could screw it up by not having the correct feed rate once the tap connects. I'm sure it's going to pull itself through at some point but those first few threads would be crucial.
If you don't have reverse you can put the tap in a tap socket and put the socket in the chuck. Use a light pressure on the quill to keep the tap engaged as it cuts the threads and let it rip. It's a thru-hole so let the tap keep going until it comes out the bottom, just make sure your setup has enough clearance for the tap to clear the material.