Table top drill press may be more versatile than an arbor press, the throat is deeper and the vertical distance between the chuck and plate is greater. A drill press may not produce the same pressing power as an arbor press but it should be more than satisfactory. Also with the drill you will be able to chuck up a burnishing tool for your edge slicking. The drill can easily be fitted with a fence(store bought or shop built) so one can set it and easily puch a series of holes the exact same distance from the edge. I have used my small drill to do this and it will punch 2 layers of 8/9 veg tan easily, no power needed, it would probably "drill" those belt holes even easier but I haven't tried it under power. I also have an arbor press, 1 ton Famco, very nice but none of my punches fit under the ram. Just my .02