You also need to determine for yourself what your qualifications are to do the work required (like drilling holes, routing, etc.) when making such a decision as you presented.
Exactly. I've sunk bridge posts with hand tools, cut a whammy slot with a drill and Dremel, but if you know how, you wouldn't ask. I actually like using hand tools for stuff, but the only way to get posts vertical and accurate that way is....
slow-ly. I encourage people who want to lay into this stuff, but if you have to start way back at "using a conical stone to sharpen your gouge chisels" it may be a long time before you're playing music....
http://www.highlandwoodworking.com/sharpeningchiselsandplaneirons.aspx
http://liutaiomottola.com/Tools/SharpenGouge.htm
http://www.logbuildingtools.ca/sharpening_devices.html
If you do decide to "find" a drill press, I think you'd be better off with someone you know, at least someone who likes to build things in their garage. You'll have the posts, you can tell them how deep they should be sunk, and do the measuring yourself. - The high E string should be right at the scale length to 1/16" behind the scale length. Or between zero and 1/32" back from the 12th fret. In this picture, the piece of wood labeled "flat" is actually a jig with holes drilled the exact amount apart that the posts should be, with some hardware store bolts the same size as the bushing threads - it made it a lot harder to get them crooked. But I had this stuff lying around, by the time I could've tracked down a hobby dude and made an appointment, the posts were in. Know thy limitations (and strong points).
(the black line at the tip of that stick was actually a hole I drilled, then sawed it open, angled the sides back and glued some innertube rubber in - much, much more funner for polishing frets than the fingers....)