I`m all for saving money and in theory some things will work, but the range of allen-head drives needed on a bike is pretty limited and the equipment designed for the job won`t set anyone back more than $20 to $40 depending on what you buy so I`d like to mention a few things.

Unless the adapter used for the bits has a ball-lock feature or is magnitized, bits will simply fall out when you try to use them. Same for any 1/4 inch socket. That can get pretty frustrating, Yeah - I tried it. OK for some things, but if its worth putting out the coin for a few torque wrenches, the additional cost of the hex drives will be less than the tax on the wrenches.

And the idea of scrapping a set of sockets and allen keys as well as LOTS of cut-off disks for a Dremel doesn`t sound very cost effective to me. But maybe in your case you got all that stuff for nothing so yeah - that might make it worth the time.

Another item I particularly don`t recommend is those new electronic units that go onto a regular ratchet and give a digital torque readout with an audable beep in some ranges. Not particularly user friendly and unbelievably awkward to verify any reading outside the audable range (which happens to cover most bicycle applications).

Tools designed specifically for the job are easier to use and get the job done faster with less frustration.

Thats my experience and I may be particularly lazy. but I`d rather not make any job more difficult than it has to be. I`d much rather be having FUN doing it.