"Greg Guarino" wrote in message news
[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?

For this kind of rust removal I tend to use steel wool and a sticky oil like
Hoppe's gun oil. Chainsaw bar oil would probably work too... anything that
doesn't run down the column too fast and also lubricates should be fine. An
alternative I've used for heavy corrosion that pulls steel wool apart (but
doesn't justify power tools with wire brushes, etc.) is green Scotch Brite
pads and oil and then finish it up with steel wool.