The one you linked to at Sears looks very nice. By looking at the picture I don't think you'd get the tilt capability you mentioned before. But overall I think you would find more uses with the Dremel and press kit setup rather than the full size drill press. If you are doing production style work or larger baits then you would possibly need the full size drill press.
The flex shaft is an awesome accessory...don't have one and wish I did. It's basically like a long flexible pencil sized shaft that extends from the chuck of the Dremel. It is a whole lot easier to do detail carving, etc. if you have it. Also easier on the wrists if you're doing multiple carving.
You would probably want several carving bits, some cutoff disks, maybe a wire brush accessory, a polishing bit, small drill bits, and perhaps more important than even the carving bits you want a sanding drum as well.
I probably have forgotten an accessory or two. So you'll be better off buying a kit with accessories. They sell the individual bits and pieces for two or three bucks each, so once you do the math in the store you'll see what I mean.
The Dremel tool alone usually runs around $25 to $35 dollars. I personally don't think brand matters all that much, shop for the features you want. The kits usually start around $35 and up, but are worth it if they have the basic stuff you need.
You will find many uses for that tool aside from tackle.
I bought the $39 harbor Freight Drill Press, which is fine for light use. I use mine mostly for drilling balsa or using Forstner bits on softwoods for surface lures. I wouldn't be without a drill press, any more than I'd be without a Dremel and a bunch of different bits, and a sander or 2, and a scroll saw or band saw: Bench tools make accuracy so much simpler!
Dean
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Drill press problem solved .........by one trip to Harbor Freight . Bought a 5-speed for $40 + tax . Exactly what I was looking for at a price I wanted to pay.
This drill press was the same price as the Dremel attachment at Sears but I won't be limited to small bits, which I believe the largest bit size for the Dremel is 1/8 " .
This is a great site because it has great posters !! Mucho thanks for the guide in the right direction.
And hey, that Harbor Frieght place is the deal huh ? I could spend a lot of time and money in there, wishin I'd bought a drill press vice while I was there.
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