I use a Hard Arkansas Stone when removing material. I like the fact that they cut slowly and metal is removed just a tiny bit at a time. Keeps the part from becoming too small too fast. They also leave a super fine finish and no polishing is needed when correct size is reached.

Arkansas Stones do take more work and a longer time but to me the super fine finish is worth it and I never go too far - too fast. Works for me. I can't remember the last time I used a File on a firearm for the final fitting of a part.

As far as a Drill Press is concerned, I find it is an indispensable tool for me. While I have not found my dream Lathe yet (still looking) I could never imagine not having a quality Drill Press. For any sort of accurate drilling and Reaming, the Harbor Freight, Craftsman, Home Depot etc. models are not really adequate, IMO. They have way too much run-out, cheap junky Chinese Chucks and have controls that are too corse and crude for fine work. Unfortunately, good Drill Presses are few and far between now days and pricey when you can find one - but again - well worth the money if you can!

Quality replacement Chucks (American made vintage Jacobs Chucks) are still available on the internet if you want one. Way way better than the ones a new Drill Press will probably come with!