Hand drill works just as good as a drill press I find. I just make sure I center punch the hole then start with a small bit and work my way up to what I need for a through hole or a hole that will be tapped. Since you will have the King frame use that as a template to mark your holes for the suspension and other parts you are going to reuse that way it takes away most of the guess work.
As for a lift axle I have seen two and both are from site supporting shops but out of the 2 I liked this one better.
http://www.shapeways.com/model/12932...?materialId=62