It will work, but these usually are not that strong. They also don’t have a wide base, so attaching a clamp can be difficult. I have used a drill stand like this for drilling where I swing the drill holder around. So I have a large base to clamp to and can still drill dead on. It’s a bit heavier, but that adds stability. That may be something you want. I don’t know how large a piece you are drilling through.
Here it is..exactly drill press stand
There is a drill press frame for a standard drill...I'll see if I can find it.
Edit: here is a cheap one https://www.amazon.com/Universal-Workbench-Drilling-Workshop-Aluminum/dp/B077MTRKPW