You have a few options really...
1) Use a drill press as a mill and risk damage to the work.
2) Use the drill press as a drill press and use fostner bits to drill relief cuts, then use a chisel and some patience to finish the inletting.
3) Purchase a hobby mill and some milling bits. Entry costs for a basic setup will run between $1,000 to $1,500, but will really open up the options for you to do a variety of small gunsmithing jobs, and is close to the size of a bench top drill press
If you only plan to do one or two stocks, just use option #2, but if you want to play with milling, it may be worth your time to invest in a small hobby mill.