Does it have to be that tall,
For all practical purposes YES!
Whereas...
- A radial DP's column CAN be shortened. Nothing close to a trivial exercise on most, what with driveshafts and all, but the OEM makers did have more than one height on most models.
The Alzmetall AB5/S would be dead easy to shorten.
- There is nothing inside the lower column but the wires for the foot switch.
- The top end has an integral mounting flange, but the bottom end is just a straight cylinder grasped in the collar atop the base.
NB: It DOES have a stiffener partition inside it where the base clamp bears, but that functionality isn't hard to replicate. If even needed.
The table elevation rack isn't rocket-science to shorten, either.
And I even have a Kasto PHS with the capacity to cut both.
Mind - the Alzmetall is a skosh under EIGHT foot at the outset, would not need to shed but 4 to 6 inches, would still be at a convenient operator height AFTER the surgery.
Taller goods once shortened? Maybe not so user-friendly at their controls?
Grab a carpenter/painter/drywall guy's platform and try it. Might find it seriously awkward?
As to "great" drill press?
I'm not convinced. A jig bore was built as.. well.. a jig bore.
If you need that, you need it. A DP - even with a DRO'ed X-Y table - isn't quite as good. Spindle positioning consistency matters, too. Jig bores have it in spades, DP's not so much.
But most hole-making wants fast, "good enough", powerful, and
easy more than it wants slower, more deliberate, and uber-accurate.