The problem: I have a floor standing drill press from Harbor Freight. It's served me well for over 15 years in my hobby shop. Recently, I've needed to drill 1/4" holes in hardened steel knife blanks. Using cobalt drill bits and plenty of oil lubrication, the first two holes went slowly, but well. On the third, the drill bit has started to slip in the chuck. Tightening the chuck as tight as I can without resorting to using a wrench on the chuck key is of no avail. The drill bit stops spinning almost as soon as it contacts the knife blank. Visual inspection of the chuck jaws did not reveal any obvious signs of wear, but one of the three drill bits I've used shows some galling. When I close the chuck completely, all three jaws match up perfectly.
I could use some advice. Is there a way to repair the chuck so that it will properly hold the drill bits? Or, will I need to replace the chuck?