Joe Tylicki wrote:

Another nice thing about the Powermatic is that it comes with spacers that
slide in and out to be used this way. Based upon the heat generated, I
don't think I'm rubbing at all at the tip, just clanking around in the
column.

Sounds like the bit is out too far.

Another possibility is the drill bit position in the chuck.
Try turning the bit a quarter turn in the chuck and see if
the clanking gets better or worse. Not all round shafts are
in fact round.

charlie b