Only if you want to hurt yourself or damage that drill press. Maybe both at the same time.
That chuck is not held onto the taper of the spindle pin by anything but friction. For axial force, that is fine. For radial force (like you make by taking milling cuts with an end mill), not so much.
And even if the chuck doesn't rattle loose, fall off, and bust you in the face, the bearings in that thing won't hold the cutting tool anywhere near securely enough to make a good cut. If you don't break the machine or kill yourself, what you will end up with is a ragged slot that looks like it was gummed out by a one-toothed hooker.
Drill presses are for making holes, that is all.