Small Parts Clamp (Softer grip than pliers.) The jaws of the clamp are made from a short section of 1 1/4" dowel. The dowel is split down the center and then the two halves are reassembled with a bolt, a wing nut and a few washers that space the "jaws" apart. A wedge inserted at the back of the clamp forces the jaws together. Start by drilling the bolt hole through the dowel section and then tapering the jaw end with a sander. Cut the dowel and add the wedge.
This is probably the cheapest and best Dremel sander you can make without any modification. It is really safe since its just soft plastic it is well balanced and most of all no weight at all so no unnecessary vibration.