You could probably do it in a drill press, but you might not be able to hold the same tolerance for the hole sizes and spacing of the dowels with a drill bit. The holes in the flywheel are more than likely reamed to have a more snug fit on the dowels, so the flywheel wont have any movement. You dont want it to fit loosely on the dowels or have any wiggle to it before you put the bolts in it.
