I have a drill press for dremel which I use with a non-battery powered Dremel clone. I've used it for drilling the holes for mounting eggbeater antenna elements, using a hardwood fixture made by gluing blocks/strips together rather than machining. I did not recommend it because you might find it too wobbly for your application. However, if you can dedicate it to one application, you can probably find ways to deal with the slack.
BTW, in response to your email, you should check out the Amicus18 section of the forum here if you haven't already. It's about Crownhill's PIC based Arduino form factor (but not 100% pin compatible) products. They might be off-the-shelf solutions for your needs.
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