I drill holes in the the ends on center using a jig on my drill press. Depending on size of dowels will depend on DP needed. Short dowels you can use a bench top, long dowels a floor model. I have had a few in the past 40 years and would suggest if money is not an issue, I would go with a floor model with a sturdy base, 12 speed, locking spindle and rotating table.
I am just finishing a new drill press table top and fence that I will be sending pictures to Shop Notes and a few other mags and probably this forum.
If I can be of any help you can contact me:
Actually, cheaper than buying a rill press would be a Dowel Jig. Your electric or battery powered drill will work just fine. Follow the link (Rockler). I have both the Jig and drill press. I rarely use the press.
I have always felt that a good floor model drill press is one of the most useful tools in the shop and they actually take up less floor space than just about any other stationary power tool. The benchtop models usually have a rather short stroke and do not reach far from the column. I do keep a little benchtop drill pres around for those times when it is of adequate size and I do not wish to disturb the setup on my large drill press. The benchtop, being portable, also comes in handy in some cases when working away from the shop.
Some may think that a bench top model takes up less space than a floor model but I have a Craftsman floor model drill press and a small garage cabinet on casters (a Sam's Club special). The cabinet measures 35" high, 28" wide and 20" deep and fits perfectly under the table of the drill press, thus making use of that space. If you have to lower the drill press table lower than cabinet top, the cabinet can be rolled out of way.
The top of cabinet is made of Maple and I made drill press table to match. At first glance the drill press appears to be a bench mount. When I figure out how to post pics I'll put one up.