MDF is even more dimensionally stable than ply, but sags more than a quality plywood. This usually isn’t an issue for something as small as a drill press table.
T track is great for so many different woodworking jigs and fixtures, definitely headed the right direction there.
I might suggest making both a high and low fence for added versatility. The one thing you didn’t mention is a sacrificial insert. With even occasional use this fixture will get chewed up pretty quickly and being able to swap out blocks and have s fresh surface is great both for work holding and protecting work from blowout.
One additional thought is making sure there’s plenty of room to get clamps on ghere for opperations that need more than just a fence. That means a good ammount of space around the stock table for clamp purchase and, if your table is huge, maybe even some interior cutouts to slip clamps into (huge tables might want for more than just doubled up MDF too).
Happy making!
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