On Tue, 3 Oct 2017 13:30:38 -0400
Greg Guarino wrote:

[not my drill press]

belongs to the neighbor of a friend to your cousin

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?

a very stiff wire brush and water first then some emory cloth and water
and then when it is how you like it coat with mineral oil and wipe down