That is a pretty creative solution!!!! It is likely a better drill press than most of the "low cost" Chinese ones on the market.

In any event this brings back memories, in my youth I used a bunch of bicycle parts and heating duct to make a windmill. Kinda wish I had pictures, it wasn't good for much due to my lack of anything to make a generator and it wobbled like crazy. in any event old bicycle parts can lead to interesting builds as this video demonstrates.