I would not recommend it! You will need a Horizontal boring machine! A short cut to this is to mark the area, drill out majority of material and then use a wood chisel to square it up. This is of course the mortise you’re attempting is not very deep!
I have this mortise machine and love using it. I tell people all the time I have a drill press that drills square holes. They have to see this to believe it. I have used it many times and I do not know the depth of the mortise this will cute. But it seems to me that 4" might be the max. Oh yes this mortise machine makes the job much better.
It is adjustable and should fit a piece up to approximately 6" in height.
1/4 3/8 5/16 1/2 One problem. The chiseled for the 1/4 and 1/2 inch did not fit entirely up the shaft.
If you are wanting to put square holes in metal, the answer is NO. For that it needs to be done by a broaching machine, or a 20 or more Ton press with a broach mounted on the press. You can buy broaches at machine shop supply companies like MSC, etc... This machine will only work on softer materials like wood and maybe some plastics, like PVC or Teflon, nylon etc...To mortiss with the head reversed, you would have to have the table bolted down onto a bench, or something. The head of the machine is also where most of the weight is.....As far as plunging below the surface level goes, I made a leg for an old dresser with 2" deep mortises, so (without knowing the specifics of your project) you'd have to compare the stroke of the machine to the depth you want to make - you may have to make a riser table to set your material on, and a way to hold it down, like a step clamp set up, or something to that effect.
With the 1/2" chisel & drill, the height above the table is 4.5" above the table. The smaller size drill/chisels increase that clearance as they get shorter as they get smaller. The 1/4" has about 6" clearance from the table. If you install the 2" riser add 2" to the clearance.
As far as slack in the drill itself, probably not very much, meaning it's as tight, or tighter than most good drill presses. Which is to say probably no more than .010" ...If you need tighter specs than that, you really need a vertical mill anyway, whether a bench top, or a floor mill...What I do know is that once you have the fence set up for your material, along with the hold down fork, this machine does good repeatable work...For instance to make several window screen frames, on one end of your 1 x 3's (or whatever size it is), you can set up a stop so that it's easy to do 10 pieces on one end, then the other end. For the middle mortiss, you'd have to set the stop up so the whole piece sets where you want it to, and it does take a little time to get it right, but once it's set up, you're good to go.
This machine is made in China.
You could, but it would take some adapting to do it. To put a vise on it, and we are talking about a drill press vise, you would have to take the fence off of the machine, and there is no way you could use a mechanics' vise, as they are way too tall. So, you could use a drill press vise, or maybe a cross-feed vise made for a good sized floor model drill press, but again, you'd have to take the fence off of the machine, as well as the hold down fork and post which holds it. Now you could also put the extension in place (making the rack & pinion which moves the fence useless), and use your drill press vise for the fence and hold down.