Hello Ian
Bright drawn bar will be fine if you can get it at the right price. It is formed straight and round but the surface finish can vary between batches. It is also usually a few thou or more undersize, but this can also vary.
We use bright drawn bar at work and i have once had to use undersize 70 mm bar where 2 3/4 was needed as it was a better fit than the undersize 2 3/4 bar we had. If you wish i can ask them to give me a price for the length you want, i don't live very far from Sheffield.
Seam welded steel tube isn't always formed very round, at least not for a good reliable fit in the bore of your drill head and table casting, with or without a bush.
Scaffold tube to me just seems too rough and flimsy as a replacement. You might find the table and head being pushed away from each other as the column flexes when using the larger drills that your backgeared drill head can manage. If you are not careful you might just end up with a rubbish drill.
I have an Elliot Progress 2G backgeared pillar drill that uses a solid ground steel column of similar diameter to yours, as standard, sat on a tall square cast iron column. I have often thought about using bright drawn bar of the same overall length so that the table can be lowered further to gain more room under the head.
I will also have a look and see if we have an old hydraulic ram, as JohnF suggests, lying about.
All the best
Edited By Lathejack on 17/01/2013 01:49:15