Thanks for the info, the tape worked for the smaller bit, but I picked up a keyless chuck for the dremel yesterday. My lure kept sinking, so I thought I'd try to hollow it out before switching to a different wood. Just to see what happend. After I was done my lure was nothing but a hollow oak shell and it still sank with my through wire and hooks attached. It may work with just one hook, but that's not what I was trying to do. I think I'll just have to make it a bit fatter with balsa and it will work.
Man, how in the world do you hold that thing to shape it, not to mention just being able to see well enough to make something that small? Hat's off to you!