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I have a 17" drill press, but I only use a 4" (?) bit in it for center-drilling; I drill to it's max on both ends, and connect the two using a long bit in a hand drill. You might be able to do the same with your press (assuming you aren't making behemoth plugs).
I use a centering device on the press to align the plug perfectly for drilling -- do you know what I mean?
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