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Does it spin pretty straight and true? I mean, would you feel comfortable using it to drill grab irons if given a small dimple with a sharp pin to locate?
Similar gizmo for $10 that might work, though you'll have to supply your own chuck:http://www.homedepot.com/webapp/wcs/stores/servlet/ProductDisplay?langId=-1&storeId=10051&catalogId=10053&productId=202479057&R=202479057It takes 3/16" hex-shank bits. This size may be an emerging standard; I have some bits from a Harbor Freight screwdriver set that work just fine in the power driver.