DoN. Nichols wrote:
Pick up a collet block... (just a 1/2" one apparently).

Clamp the bit in the collet with the shank sticking out, put the
collet block in a vise, and set up a pair of rollers made from
ball bearings on either side. The bearings will limit how far
down a file will cut. When one flat is cut as deep as the
bearings will allow, loosen the vise, rotate the block two flats
and clamp it again in the vise. This is a way to do it with no
power tools, at least. This should get all three flats the same
depth, so the drill won't run off center.
DoN.

Cool.

Thanks DoN, Denis G. and Karl Townsend!
And everyone else that responded, trying to help.

Collet block or even a nut with a home drilled and tapped set screw
is the sort of technology I was looking for. Just needed some sort
of way to index it. Length and depth will be worked out later and
will definately look into the bearings as "file stops".

I believe the largest drill bit I have is 1" steped up in 1/16" and
some "fill-ins" that are 1/32" steps.

The Enco URL was especially useful with it's picture and all!

For the "other guys"...

As a kid I fiNgured out that tightening the drill check using all
the holes and going round and round from one hole to the next until
no more progress could be felt helped a lot. A kid kinda-has to with
weak "kid" hands.

But even now, sometimes the chuck needs a little more than that.
Some of the larger drill bits I've got have the three facets and
work great!

The German all steel keyless chuck I'm using grips the drill bits
pretty dangged good but the faceted bits, it grips better.

Thanks a lot guys!

Anybody got anything to add, fire away.

Alvin in AZ
ps- Been a long time since I was on a newsgroup, it's cool to see
familiar names like yours DoN. Karl Townsend too?