I do not see a problem, as long as it is properly guarded. It is hard to say how to guard it without knowing what material is being worked on. Perhaps a plastic guard in front of the drill press, or have the hands in restraints like a punch press operation.
Just remember to protect the employee from being injured. No way for the employee to get through, around, over, or under to come in contact with the point of operation.
Good Luck
Safety Management '82
Indiana State Univ.