Thanks Joe,
I knew you'd know what to do, I should have emailed you directly. At least with a post here others will get this handy tip. I don't have an egg beater drill but I do have a hand brace. I will pick up an egg beater at Sears or Home Depot since it will be easier to control than the hand brace, (also easier to stow on the boat). Thanks again Joe.
I bought one at a local hardware store that I paid about $12 for and it works but I need to hold the chuck from pulling off with the worm gear when I try to pull the bit out of the work.
Prior to that, I had bought a new fangled egg beater drill from Sears and something broke in it and the salesman at Sears told me that they don't guarantee this certain product because it wasn't made for Sears.
The best one that I found yet is the old fashioned one that Sears sold with the wooden handles that can be found in the flea markets.
My son bought me a battery powered Black & Decker Pivot Driver that would come in handy for on the boat jobs. This one doesn't have a variable speed though. I'm sure that one of the other brands would have one with a variable speed. It resembles a miniature electric drill and you can twist it around so that it looks like a fat screwdriver. It has a special chuck on it that takes bits and sockets made specifically for this tool. It really wouldn't be applicable for this job unless you're using it for an electric screwdriver.
I've used a regular brace to screw into bung holes though.
Actually, Indysailor came up with two good tips on using this technique.
1. Drill a small pilot hole into the center of the bung first and then use the wood screw bit to raise the bung with the brace.
2. Cutting the point of the tip of the screw bit so that it doesn't bugger up the screw head under the bung.
Chances are, the wood screws under the bungs are stainless steel and they aren't likely to get mess up by a Mickey Mouse screw bit. Then again, I guess that you could always use a brass screw for the bit because it's a softer metal, and leave the point on it. Try experimenting and let us know how you made out.
Joe