I had to watch the video to see how this was built. Its a nice idea but if you need “power” behind your hole being drilled, you do not want to use this. Figure not including the chuck, $10 in parts? Worth the build (you can get small chucks from burnt out cordless drills). I do like this for creating threads on metal.
http://www.instructables.com/id/Simple-Clutch-for-Drill-Press-for-Drilling-and-Tap/