I subscribe to Rick Sparber's web page and he just published this ... http://rick.sparber.org/DDPF.pdf ... I thought it might be of interest to those that want to give the Dremel drill press a try.
I am sure this does not eliminate the runout of the Dremel spindle itself nor does it resolve all of the issues in the drill press frame but might be worth a shot.
Disclaimer: I do not have not nor do I have a need to try this solution. I just thought it might be of interest to those looking for an inexpensive solution to drilling a few small holes and it has to be better than the hand held process.