Does such a beast exist (using Z plane as manual-esque drill press)

I haven't got a drill press, nor can I justify the space they take up in my meagre little workshop, so I was thinking ...why not use my CNC machine's Z plane under 'manual' control.

I already have control of the Z plane with a contour shuttle, but it's not very tactile for allowing use of the z plane in such a manner as using like a drill press.

i'm figuring it'd need some form of encoder type input device rigged up to the stepper driver with something like a PIC sitting in between? (I could attach a lever to the encoder to give yield a drill press feel).

Any thoughts?

cheers,
Hank.