The best setup I found on the internet had a cable running up from the back of the table, over a pulley at the top of the column and then down inside the column to the counterweight itself. Unfortunately, I couldn't make this work on my drill press because the motor mount was in the way of the cable. There was also no really good way to attach a cable to the back of the table.
The bracket that holds the pulleys is made of red oak, and clamps to the drill press column with some long bolts. The axles for the pulleys are 1/4-20 bolts that I just screwed into threaded holes tapped into the oak.
I machined the pulleys themselves from high density polyethylene (HDPE) scraps that I melted in an oven and then cast into a block under pressure in a wooden mold. (That's another story altogether--this YouTube video and the very first part of this one show how to do it.) The HDPE plastic is kind of slippery, so I didn't need any fancy bearings or anything to make the pulleys work for this project.
The counterweights are simple wooden boxes with sand in them. I adjusted the amount of sand in the boxes until the weight seemed about right. In the end I think the whole assembly wound up about three pounds lighter than the table.