Finally got a chance to try the drill bit, er... bit.

Went in the garage, pulled the nock, inserted the bit, took a good grip and whip SMACK. Checked the insert, nothing. Did this a few more times, checked the insert, nothing. Repeated up to about 20 times, nothing. Was going to give up, but decided I would quit at 30 tries. Somewhere about the 28th time there was the normal whip sound then SMACKCLANG!!! Scared the crap outa me...

Insert and bit both removed post haste and slammed into my closed garage door. I was able to recover both. Shaft is undamaged, but I needed new undergarments

Now all I have to do is find a way to remove the adhesive layer from within the shaft so the new brass inserts will fit. They fit well in the clean nock end, so at least I know I ordered the right ones. Oh, and get two more arrows from Walmart and repeat.

Thanks Russ, worked like a charm