On Tuesday, October 3, 2017 at 1:30:43 PM UTC-4, Greg Guarino wrote:
[not my drill press]

Any idea how to either remove the rust or at least smooth it down enough
that the friction isn't in impediment to adjusting the table height?

I owe some of you an update on my Table saw rust conversation, and will do so in short time...

What I used recently was called KRUD KUTTER: THE MUST FOR RUST! (Google it.) It's a water base; worked well AND you can leave it on as an inhibitor. I was satisfied with the results. (Ventilate well.)

That should get you to the point where you can tell what metal is good and what metal then needs to be further abrased or removed.