Drilling with a lathe?

[Hookedagain]

I have an old Craftsman lathe under the bench that was left in the house from the previous owner, Its missing the tool rest but otherwise works fine. I thought about selling or giving it away, but was wondering if I should keep it and through drill my plugs with it?? Can someone give me the low down on drilling with a lathe? What do I need to change? How do I know what parts will fit this lathe? Or should I just stick to the drill press? I know alot of you guys drill with a lathe, whats the pro's and con's?

Thanks for any help that comes my way.