A retired tool and die maker taught me to grind drill bits. He handed me a chipped M2 about 3/8", and said "sharpen it". I gave it everything I had, and went back to him with it. He said, "not yet, a little more this way, and a little less of that", etc. After a few times he said it might actually drill OK. So I tried it. It worked pretty good. He said, "let me have that a second". He drove it point first into the grinder, handed it back to me, and said, "If you can make that one cut, you know how to sharpen drill bits". I did, and have been sharpening them ever since! I do agree that replacing small bits is more cost effective, and the sharpened ones end up in the "beater" drill index.