That proxxon spins pretty fast if you do panel that are plastic, its not that great for that, unless you sharpen the drills at the plastic angle (they don't come in small sizes either, afaik). But TBH since I got plastic bits, I basically feel that I have been drilling plastic wrong my whole life, its just so much nicer, it does not pull. Having the correct angle drill bit is a mega benefit.
But I have drilled copper, aluminum, brass, pcb material and steel with it at small holes with no problem, but when you get to the max drill size for the collet I think it gets a little dicey. I recommend it as a hole starter.
I think its the perfect tool for indexing holes on a front panel so long you have sharp drills and lubricant.
The thing is the max hole size is going to be like a LED, and you need to use a step bit or something after that anyway, since its the correct tool for drilling larger holes in thin metal. The maximum drill size is like what, slightly bigger then 3/16? But mine drills very nice holes. Also lubricate the belt. And getting some collet wrenches to keep on the tool itself is a benefit, I keep meaning to make a holder mounted to the machine or under the base or something, collets are awesome when you have the wrench nearby. The base should have a lid and holders for the tools and collets IMO. I 3d printed a collet cover for the proxxon collet holder and thats been nice too.
The only thing I don't like is the long screw for mounting the belt cover on, if you replace that with some kind of quick release mechanism, the belts are actually really easy to change pulley ratio. I actually bother changing the belt ratio, unlike with a normal drill press (total pain in the ass).