You could definitely build a hydraulic motor powered drill press I made one many years ago with 3 quills to drill 3 holes at the same time. However a torque limiter coupling at the motor is recommended along with a flow divert-er and an adjustable pressure relief valve even if you use a pulley system
A shell mill will do reasonably well in cutting oilfield pipe when ran at about 3/4 s or less than optimal recommended RPM and flooded with a good quality coolant . Shell mills are crazy expensive and you never want to bet the farm on only needing just 1. Also it would be best to have what ever rotary cutting tool used have a live tail shaft to support both ends of the mandrel
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