I use A Dremel for mine But I would not recommend the latest Dremel drill stand (the 220) it is mostly made of plastic components and lacks rigidity use one of the third party ones like this
http://www.ebay.co.uk/itm/1097-Milescraft-Rotary-Drill-Press-Tool-Stand-add-precision-to-Dremel-Type-tool-/221046012143?pt=Model_Kit_US&hash=item33775e78ef or one of the older Dremel ones like the 212 often available on EBay 2nd Hand. I fear that like many things Dremel accesssories are not as well made as they were.
If it is sufficiently large it is also possible to actually mount the Dremel
on your mill and get the best of both worlds. as the spindle nose of a Dremel is a fairly standard size (3/4 x 12 T.P.I. B.S.F. ) and the body is the same size as the handle collar on most pistol drills. So you could even use a full size drill stand if you can find one accurate enough. simply clamp the entire Dremel in it.
As for drills, It depends on the type of boards you are doing and how many. the older S.R.B.P boards (the brownish ones) are quite suitable for H.S.S.
but the more modern fibreglass ones (the green stuff) like the common FR4 will blunt H.S.S. quite quickly (like about 50 holes or so) and as such small drills are very difficult to sharpen by conventional means. this can be a problem.
Solid carbide ones have a much better life but as other posters have mentioned are very brittle you will need a good solid drill stand and great care. They are also quite expensive but they will produce accurate precise holes in the toughest of P.C.B. materials.
Little drills like this, (in the range of 0.5 to 1.2mm typically) do require high speeds I run mine at 8000 - 15000 R.P.M. depending on size. In industry with rigid specialised machines speeds of up to 100,000 are common.
Regards Mark