2. Attach it to your workbench. This device cost $29--http://www.traditionalwoodworker.com/…/productin…/123-41413/

3. Acquire a honing wheel that will fit a ½” shaft. Buy some honing compound, too. This 6” cardboard disc cost about $15--
http://www.texaswoodcarvers.com/T…/Sharpening_Equipment.htm…

4. Once you have the disc in hand, go to a hardware store and buy a ½” carriage bolt or hex bolt that will fit the disc and the drill. Get some nuts and washers, too. Cut off the top of the bolt so it will fit into the drill. Attach the disc to the bolt. VOILA! you have an electric honing machine. 

5. You may want to buy an extra disc and glue some sandpaper on it to use as a sharpening disc. I use 300 grit, glued with Elmers.

6. If you need to use a 3/8” variable speed drill, Woodcraft has a small leather honing wheel, with a mandrel, that will fit, for about $35.