A while back I had to drill out a bolt and went through several bits.
Dulling them, snapping them and as a bonus I also snapped a misnamed
easy-out. Buy new bits? Nah, they cost too much for a decent set
besides I have probably 100 drill bits. I gotta figure out a way to
sharpen them.

DAGS. Keeps coming back with buy a drill doctor. I find the thing
from Lee Valley and others that holds the bit at the correct angle to
bench grinder for $10.
http://www.leevalley.com/wood/page.a...072,43086&ap=1

The DD and the angle guide don't seem to be doing anything fancy so I
think why can't I just do it myself. Here's what I'm thinking please
tell me if you think it will work.

Cut a wedge at the proper angle
Chuck the dull bit in my drill press
Clamp the wedge and a stone or fine file to the DP table
Lower the dull bit against the stone or file
Keep bit oiled and cool
Done

Unless I'm missing something doing it that way would give me the same
results as the grinder jig and probably the DD too.