I like to tap holes.
A while back I ran into a floating tap holder chuck which was a replacement part or option for an AEG drill of some kind.
Model # ROHM GBF 1-10 1/32-3/8. Made in West Germany.
http://www.freepatentsonline.com/4645387.pdf
A floating chuck is not fixed axially like a regular drill chuck, but will find the pilot hole even if misaligned In
trade terms a full blown tap holder has "Radial parallel float compensates for misalignment between hole and tap."
This one is not full blown but I love it nonetheless. Enough to build a machine around it.
it started out as a decent but not great Craftsman drill press with a deep throat and long stand. A model was chosen that had a Morse Taper #2 spindle so all my lathe tools will also fit interchangeably.
The Sears chuck was immediately removed and gotten rid of, replaced by my favorite Albrecht 1/2" keyless chuck with MT2 plug.
Next the electric motor was removed and gotten rid of. Replaced with a ball bearing 1 HP reversible AC motor ( DC would have been the first choice but no joy).
Next the electrical wiring and switches were removed, replaced by a home made relay forward/reverse control with a dual foot switch.
This was a must do as the tapping attachment is not the reversible type you often see in this role (Tapmatic etc.)