I think the last time this question was asked was by myself.
Yes, I used a drill-press to do some milling in plastics for a few runs of parts. I dropped the arbor and chuck a few times through that, while I never got hurt, I certainly could have, and I ruined probably $20-$30 worth of end-mills in the process of trying. Looking back on it, now actually having a mill, I can't believe I even wasted my time. Even a really small mill will run circles around most drill presses as a milling machine.... Drill presses will go into severe chattering under the presence of the most minor lateral loads. The chatter is what knocks the arbor loose from the spindle, or knocks the chuck loose of it's JT taper fit. My drill press is one of those 16 speed 125lb 3/4HP harbor freight "bench-top" units and is a wonderful garage drill press to have around, but the rigidity is just not in the right places for milling. Here's a picture of the drill and mill next to each-other to give an idea of the drill press that couldn't hack it.
Having said that, there are some drill presses out there that would be more suitable than others as make-shift mills. The larger the better. When you get up to spindle taper sizes of ~MT4 the machines are usually rated for face mill and end-mill capacities for plunge cuts, and they would, if properly setup, probably handle some lateral loads of light cuts reasonably well.
First I'll recommend just not doing it as it's dangerous, second, if you are hell bent on trying I'll offer some tips based on my experience and where I probably went wrong in trying to make a drill do milling.
Get the cutting tool face as close to the base of the spindle as possible! I made the mistake of trying to hold end-mills in the large heavy drill chuck, the problem with doing this is multi-fold. A: it increase the leverage that the cutting tool has against the weak spindle design in the drill, which increases the likelihood of chatter which almost always leads to a dropped tool. B: when the tool drops, it's not just a small tool dropping, it's going to be the entire weight of the chuck and possibly the arbor attached to it all dropped while still spinning ~3000RPM, this makes a tool-drop more dangerous as their is a lot more mass that is spinning wildly that has just dropped. C: A chuck isn't the best tool-holder around and is going to introduce more run-out in most cases, which will further increase the likelihood of chatter.
One of the biggest hurdles in trying to find solutions to doing a drill to mill type setup is getting over the language barrier of the machining world, now that I have had a machine and had to buy tooling I've finally got over the hump, (I think

), which means that looking back on it, I probably could have made a better effort to make the drill do milling more reliably, but at this point I wouldn't bother... Anyways....
Firstly, this will only work if you have a machine with a morse taper #2 spindle or larger. Make sure you have a wedge drift for your machine handy to remove the tooling after the fact.
What you'll probably want to use is something called a tang style morse taper tool holder. And you'll need to use end-mills with the "flat" on the shank for use with tool-holders like this. Here's a link to the tool-holder I'm talking about:
https://www.wttool.com/category-exe...Taper_Tang_Style_End_Mill_Holders_/page_num/1
The idea here is that you are removing the larger length of the drill chuck, and at the same time, eliminating the JT taper fit (the most likely failure point for "milling").
You'll want to really drive that tool-holder home good before use, I'd beat it in there pretty good with a soft face hammer.
I'm not sure what size slot you had in mind, but you'll probably be well served with a 3/8" diameter tool holder as most sizes from ~1/8" up to ~7/16" single-end-mills are available on a 3/8" shank. I would suggest the use of a 4 flute center-cutting end-mill in a the shortest length you can find if you can get away with it, medium to high rpm, and very slow feed rate. The 4 flute end-mill will balance the cutting load more evenly by taking smaller "bites" which will help increase your chances of success. Aim for smaller size cutters to reduce the lateral loading on the machine. I would suggest no larger than a 3/16" cutter. Here's an example:
http://www.use-enco.com/CGI/INSRIT?PMAKA=240-4234&PMPXNO=4843158&PARTPG=INLMK32
Take any precautions you can think of to protect yourself, like maybe some body armor or something, lol....
More layers of clothing will absorb a flying piece better, nothing loose though, getting sucked into a machine would be bad. safety goggles are going to be a must here, if the tool holder drops loose of the spindle, the end-mill will crash and send small pieces of sharpened High-Speed-Steel flying.
Position the work piece up close to the face of the cutter with the quill fully retracted, so that you are dropping the quill only a small amount to meet the work piece, however, make sure to leave enough clearance so that if the tool-holder does drop, the tang on the end of the tool-holder has room to fall out of it's "slot" up in the machine, so leave at least ~3/4" or so between the work piece and the face of the tool. By doing this, if the toolholder does work loose the spindle and drop, you can quickly lift the quill, and the toolholder will generally crash the end-mill into the work piece and come to a halt very quickly. Without that proper clearance, the machine will continue to rotate the loose tool-holder which can escalate the danger rapidly. The machine will likely suffer some minor scuffing on the inside of the spindle taper. By having this proper balance of distance to work-piece, you also increase safety by eliminating the likelihood of the toolholder itself going for a dance around the garage as it won't be able escape the "trap" created by the spindle-taper and work-piece below.
If I think of anything else I'll try to check back in here and throw in a few more pennies of thought.
-Eric