Often the cheap necks can be made quite nicer with a bit of extra fret work. If the edges feel sharp then it's a matter of filing/sanding them to get them smoother. If there's buzzing then re-level and re-crown. There is a wealth of information on guitar building. If you want a bigger challenge, build your own neck. It is doable with hand tools though the right power tools certainly make it easier.

If you want to drill straight holes without a drill press there's this little guide doohickey you can buy that you hold against the piece and put your drill bit through the guide.