I have a opportunity to pick up an old Milwaukee floor model and was wondering what to watch out/ look for
Do you mean Delta Milwaukee?
If so, the drill press will be a minumum of 60 years old, because Delta moved out of Milwaukee in 1952 and stopped using Milwaukee in their name.
And, if that's what you're looking at, it will be either a 14" drill press or a 17" drill press, because those were the only two floor model presses they made before 1956. The 17" model was one of the best--if not the best--drill presses they ever made.
On the other hand, the 14" drill press was a lot lighter, and while it's still better quality than "the junk the big box stores are selling" it's 60+ years old and can have various issues that come with that kind of age, especially worn spindle bearings. The spindle bearings that were used on the 14" Delta Milwaukee drill press haven't been made for about 20 years, so they're almost impossible to find now. There are ways around that, if the spindle bearings happen to need replacement, but it's not like just calling your local bearing store and having a pair delivered the next day.
Before we can help you with specific potential or actual issues, it would help if you tell us exactly what make and model drill press you're looking at. A photo would be a good start.
