Thanks for the great input, let me add a couple more details that may help describe my situation a bit more.
I am able to remove the table and that will give me more than enough room from the drill bit to the base to for the part, however, then with my jig and part, the bit is too far above it and the spindle distance can't make up for the difference. Unfortunately, there is no way to lower the head of the machine.
The designated workshop area of the house I am currently renting is not exactly the flattest, actually quite bad, so I bought a stand that has adjustable feet which I am using to level the drill press. For that reason, I would like to make the current setup with stand work if possible as opposed to swiveling the press and mounting my jig and part to another bench.
Unfortunately, I do not have a lathe, this is my first big piece of machinery I have bought, I only own hand power tools besides the drill press. I wouldn't mind making another column but since I don't have the means of doing so, don't know how I would go about doing it and if it's worth the money. Also, the column is flanged at the end all in one cast piece, so if I made a new column, I guess i would have to attach a new flange to it, again, I'm not very well versed on how to go about that but any ideas would be great.
I may end up selling this one and grabbing a floor model but was hoping to avoid that, hence the reason for the post.
Again, thanks for the ideas, I'm sure you guys can guide me towards how to achieve some of them..