Turns out it's not only good for making holes and screwing screws, with a 9/32 drill bit, it makes an excellent bobbin winder.
Just be careful taking the bobbins off; I dug a nice gash in my thumb with the drill bit.
What am doing all this for? I'm warping the loom to make two scarves. The yarn is uber-gorgeous Briar Rose Fibres BFL light fingering (or maybe lace) in some of my favourite blue, teal and brown shades. After the Tour de Fleece (which I consider a success; just waiting for the yarn to dry so I can show you), I wanted to dust off the loom and burn through some stash.