Jack, for me the easiest way to get it out was to stick something through the drill chuck and tap it out. Might not be able to with yours though.
Dave, I do like having the right tool for the job, but nothing beyond reason. I agree with you that industrial spec is overkill, so like you I'll be shooting for the middle ground. Buy cheap buy twice does ring true, but spending a premium is not always the best solution.
I'll just figure out what areas to skimp on and where not too as one does over time. That way I have learned not to buy cheap paint or drills for instance, but cheap electronic components are usually fine for my purposes. You live and you learn.