I made one exactly like that years ago when I was having difficulty pulling mains cables through multiple parallel joists when I was rewiring. The joist spacing not only precluded the use of a normal hand drill, but also meant that the bit I put into the chuck had to be cut short as well !
Yes the high rpm was an issue especially with a carpenters spade drill (!) but needs must when the devil drives

Still got the adaptor in my box of 'angle grinder bits' but not used it in decades as I now have a proper right angle drill.