It was too late last night (it was dark...and scary...), so this morning I went out to the tool shed and dug out my 'Mauser bolt reliever' modified wood bit. I forgot to mention that the shank should be as short as possible but give good support in the drill press/mill chuck jaws. IIRC, I also used high speed. The better to send pieces of work flying around the basement.
I also have an old Harbor Freight drill press vise that allows movement (about 4") in the X and Y axis. I'm not sure if I'd trust it to steel, but it works satisfactorily on wood, plastic [Delrin!], and to a degree, aluminum.
All could be used for simple tasks like dishing out magazine knobs, small milling of wood holes/slots, etc.
...Oops...Am I giving away G.T.'s trade secrets???
Disregard, people!!! This can not be done at home!!! Strictly for professionals!!!
Move along!!! Nothing to see here!!! 