According to Mike Dobony :

"Chris Lewis" wrote in message
Something like that you can probably do while holding the bit
in a drill against a grinding wheel and go slowly, dip the end
in water frequently.

If you can get a piece of hardened rod down .070+-.005 on the full length of
0.650" on such a setup AND keep it round you are a master machinist! And
NOT water, but cutting oil or coolant, NEVER water! You are NOT a master
machinist!

If you're using a grinder, water is just fine. The idea is to
keep it cool.

Aha - look half way down http://www.wihatools.com/700_BitHolders.htm

There I am with the same thing as the DeWalt, PLUS shipping and handling!
From the picture I can tell that the diameter is too large!

Uh, no, take a look at the shank lengths. It's 1/4" hex stock, _not_
the outer diameter. #71433 would have probably done you, #71435
definately would.
--
Chris Lewis,

Age and Treachery will Triumph over Youth and Skill
It's not just anyone who gets a Starship Cruiser class named after them.