Frank....sounds like a good deal to me! Bits and all? If it is something you need then jump on it! Yeah, you can get a comparable new drill press for about $100.00 but it probably will not come with the bits! Like I said, if you think it is a fair value to you....grab it and good luck!
Might not be good for heavy drilling but you might be able to set it up for eyes and such...sounds worth the $75.00 investment!