Rich, I have never used it for that particualr applicatiion, but a variable speed Dremel has saved me uncounted hours and expense. I have a medium sized tackle box I carry to hold the large number of bits I have, including some very small diamond coated grinders in cylinder and tear drop shape, slighly smaller than a kitchen match head, which probalby would have been a great tool for that job.
If you are not part of the solution,
you are part of the problem!!!