Ya so, that sucks...

Cheap cast... I would fab up a new one put of steel...
 
I'm with the "make a new one from steel" group.
At minimum, save the column, motor, spindle...... oh hell, fix the damn thing.

But then I spent 2 hours making a new delrin foot for one of those $20 collapsible camp chairs.
 
We had an old Japanese made Jet at work that had a heavy steel clamp made for it. It was pain to use, I would braze or weld the clamp. The table raising gear is a nice feature. These drill presses are cheap and common, but accurate isn't generally mentioned in their description.

I have a 17" Jet from their blue phase ,a $700 DP, the base is very flexible for cast iron, in fact it flops around, the thin metal column flexes and the spindle has a .010" run out.
 
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I would braze it then make a reinforcing sleeve for the top and bottom. to take the stress of both tightening the set bolt and the down force of drilling
 
Unfortunately I don't think the OP (Shawn Huk )is still a member here, he was a likeable guy and a good neighbor.
 
Damn! I got sucked in by KBeitz the Necroposter.
 
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