Originally Posted by MechanoMan 
Isn't there a way to mount a drillbit on the crossslide table so the leadscrew can drive it in?
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That's a question only you can answer.
You can do anything you can imagine, but how well it can be done is the real trick. All depends on your creative genius and what you have on hand that you can make do with. What you describe is definately doable though, but with somewhat light drilling pressure since it wouldn't be as stout of a setup as the tailstock would be.