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Default Drill stand or cheap pillar drill?

I'm a bit too tight to buy an expensive pillar drill, but my inability to drill with accuracy has hampered a few DIY tasks over the years. I'm not generally doing stuff at fraction of a millimetre tolerance, but results better than my freehand efforts would be useful.

I have seen el cheapo pillar drills at 50 to 100 quid. I have also seen drill stands to take a regular hand held drill for similar money. My drill is an old-ish Bosch (650w power, IIRC). On the pillar drill front, lots of the cheap ones get poor reviews, with particular criticism levelled at side to side play in the chucks or the raising/lowering mechanism. At least I know my hand held drill is quite well made.

The question, then, is which approach is better? Perhaps both my options are **** and I need to dig deep, or forget it. Suggestions/experience please.

Thanks.

Terry.
 
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