2 HP seems like way too much motor for a drill press.
Most drill presses are top heavy with a ¾ HP motor and a 2 HP seems likely to triple the weight. Seems likely to fall over on its back if you look at hard.
It is scarry enough when the ¾ HP drill grabs and rips something from my hands. I know it a bad idea and everything should be clamped. 2 HP at 300 RPM is enough torque to pull you in and wrap you around the spindle.
No way the factory switch is rated for 2 HP it seems likely to weld its contacts and get stuck in the on-position.
That motor is a great score save it for compressor, planer, saw or sander.
Walt