My drill press has a #3 Morse tapered spindle.
I have a double tapered shaft that fits in there. One side is #3 Morse to fit to the spindle, and the other tapered end has a regular chuck pressed onto it.
I've actually got two different chucks I can attach to the spindle. One is a high quality ball bearing 14N 1/2" Jacobs. (these cost around $100 new and go from zero to 1/2") The other is a Chinese special that goes from 1/8" up to 3/4".
The double tapered shafts are very common, as are the drill chucks.
And yes, the chucks use regular drill bits.
Good Luck!
_________________
66 mustang
302 4-speed 289 heads, 10.63 @ 129.3
http://www.mustangworks.com/cgi-bin/moi-display.cgi?220
http://www.fortunecity.com/silverstone/healey/367
<font size=-1>[ This Message was edited by: n2omike on 12/2/04 10:37am ]</font>