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.
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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.