Ok, IT WORKS!!! This is good, Gentlemen, totally workable for aluminum moulds at least if you have some patience and fine motor skills.
Sorry, no pictures yet (no camera at work). I just finished one cavity here on my lunch hour and with some care, it turned out nice and centered and cleaned up very well. I almost had an aschit because I had to stop and re-grind the profile on the drill near the end of the cut, I miscalculated the grind and took too much off of the shoulder of the bit so that the point was going to be too long before it cleaned up the old meplat. THAT was nerve-wracking, actually had to re-grind and re-sharpen twice to set the point back to wider material while keeping the same profile.
Lessons learned: It's extremely difficult to accurately judge the profile cut that a twist-drill will make when re-ground. Getting that grind, back-cut, and point split correct (for a small flat meplat, have to divide the cutting edges on either side of center, very tough to do by hand) was all quite a challenge. The good news is my point will work on several other Accurate designs I have, all I need to do is cast drill bushings for each cavity design that I want to modify.
A long, rubber automotive vacuum cap made the drill much easier to turn with my fingers, but I discovered this AFTER I got a couple of nice blisters.
I used the wrong epoxy, should have used JB-Weld putty but all I had last night at home was some PVC/plastic type epoxy putty, it's a little bit on the soft side and did wear some from the drill.
Dull the flute edges of the drill so it doesn't eat up the bushing hole. I thought I could keep it snug with cellophane or masking tape but it kept wadding up.
Go slow and use lots of Sharpie or layout blue. Keep checking for point wander, small corrections can be made "as you go" by shaving a high side slightly with one edge of the bit, like a carving chisel.
Rotate the epoxy bushing every few drill turns to help compensate for any eccentricity of the pilot hole.
I know all this is useless without pictures, I'll get that taken care of this evening.