Many bookbinders, conservators and book artists use a Dremel or Foredom tool to cut, drill, grind and polish. Dremels often serve as the gateway drug, once you get hooked, many tend to upgrade to a Foredom. Although they are similar tools, the Foredom is a professional machine: better build quality, more power, versatility, etc. It is also lighter weight since the hand piece and motor are seporate. If you have the dough, you might as well start out with the Foredom.
The EM-1 Manual Dial Speed Control is a useful upgrade, since I never became adept using the standard foot speed controller. A Foredom can function as a small drill press with various attachments, useful for drilling channels in wood boards. Common uses in conservation include thinning or beveling vellum for repairs, and drilling holes for joint tacketing.
Craftsy is offering a free, play on demand video tutorial on basic maintenance, adjustments and use. I like the interface: easy to ask/ answer questions, make notes, jump around within the videos. There is good information as well, covering basic maintenance, adjusting hand pieces, changing bits, drilling, grinding, and other fundamentals. Craftsy may be a good site for someone interested in presenting book arts tutorials, since they don’t have any yet.