If you can overcome the spindle speed issue much will depend on the rigidity of the machine and the size of holes you wish to drill. Metal working Radial arm drills are normally heavily built to withstand very considerable forces without distortion, I don't expect a woodworking radial arm drill to be so substantial.

Emgee

An opportune post maybe to point out that Axminster do a range (well at least 3 models ,maybe more ) of radial drills meant for metal working. i have the cheapest one which IMO is still incredible value and was even more so when I bought it. The ability to tilt the head and to increase and decrease the throat I have found incredibly useful over the 7-8 years i've owned it. I have no connection at all with Axminster apart from always being left a happy customer.

The range also have rack operated tables ( once you've had one yoiu won't ever want to return to lifting and lowering tables with muscle) and the keyless chuck on mine is high quality and saves hours of time when constantly changing drill bits.

Alan Frost