This looks like a pretty good idea:
http://www.harborfreight.com/cpi/cta...emnumber=98055

What I like best is that you don't have to thread the bit through 2
holes when replacing it. Just slap it in the slot.

I'd want one for 1/16 to 1/2 by 64ths & I could make one like that. But
before I do, has anyone used one & are there disadvantages that I don't
see? I.e., that make it less convenient than it looks.

Thanks,
Bob