Here it is a month later, and this little fixture is proving to be a better idea all of the time.
I used it in conjunction with my drill press on a bunch of projects, and couldn’t be happier. I can capture about 95% of the waste from my brad point bits, which keeps the work surface a lot cleaner, and virtually eliminates the mess on the cabinet the drill press is mounted on (I have a benchtop drill press mounted to a rolling cabinet).
Big Forstner bits still throw off some shavings when I am drilling holes for clockworks, but nothing compared to what I used to deal with before I had this system.
BTW, JJohnston’s suggestion works like a charm … I use the pipe stub for a pencil and ruler handle, which eliminates some of the fumbling around (ever notice how much time you spend looking for things in the shop?).
-- Gerry -- "I don't plan to ever really grow up ... I'm just going to learn how to act in public!"