I am wondering if i can just use a bench mounted standard vise on my drill press table, instead of a "Drill Press Vise"? What are the pros and cons?

 

If you have the height to use the vise, then it should be ok but may wind up being awkward. Even with the extra weight you will need to secure it so it doesn't get thrown.

 

The threads on the lead screw are set up for quick action and not necessarily high clamping forces on the drill press vice. For the bench vise they use a finer thread on the lead screw so you can clamp something tightly but it should work for you if you are willing to take the extra time.

 

I put a drill press vise on mine 15 years ago when I bought the press. Best thing I ever did. Fully hand crank adjustable both ways, and have even used it as a milling machine on aluminum and brass. Highly advise buying one.