Royewest, you are correct...more precision means closer tolerances which means more $$$$$$s. But most any drill press is superior to hand drilling. A lot can be improved with technique. I mark my drill point with a spring punch, then enlarge the point with a hammer and center punch(an awl works well for wood), then drill a pilot hole with 1/8" or smaller bit(depending on thickness of work piece) at high speed and light pressure. To start, I lay the piece on the table unclamped; start the drill and bring the bit to the mark and touch it lightly. With a light piece, the bit will bring the piece to the center of the mark. With a heavy piece the bit will flex slightly. Cut the drill off and adjust the piece to the drill bit by bringing the turned off bit to the mark, then clamp the piece. Start the drill and bring the bit back to the mark. Watch for bit flex again and readjust if necessary. This is a little overkill for most work unless you doing machine work or gunsmithing.
For thick work pieces, I use the same start technique and drill about a 3/4 to 1" deep pilot with the 1/8" bit, then switch to at least 1/4" bit(bigger bit will drill straighter.
For bigger holes, I step drill, going up about a quarter inch in diameter each step.
Light pressure(slow feed speed) helps with precision, as does slightly higher rpm.
Dark cutting oil for steel, light cutting fluid for soft metals.
Something that is very important for precision with a drill press is the point of the drill bit. Needs to be sharp, equal height and angle on each side, and equal back rake.
Sorry I got carried away, but I hope this helps.