Chuck a toothpick in the drill. While the drill is turning, use a #11 hobby blade to cut the pointy end off and, at the same time, make a small concave depression in the middle of the toothpick.
Again, while the drill is turning, hold your #79 in your finger and gently guide it into the toothpick. It will automatically find center. Drill perhaps 1/4 to 3/8" into the toothpick as parallel to the shaft of the toothpick as possible; remove the bit, shut the drill off and remove your "drill bit holder."
To make the drill bit stay in its holder, lay the bit on a hard flat surface. Place a fine ******* file over the shank, a needle file will work just fine, and roll the bit under the file. As you move the file back and forth, it will cut some fine grooves in the shank which is not hardened like the flutes.
Finally, assemble the bit and holder using a bit of epoxy to hold it all together.
To use the drill bit, you merely twirl it between your fingers.