Howdy warlock,
Hollowpoint is 'dead-on' . I own 4 dremel tools, one is a basic on/off style. I use it for my more 'heavy' work (i use it rarely). My 2nd is set up on a drill stand and it is a hi/low model (I use when the occasion requires it). The 3rd one is a variable speed/5-position unit that I use more often than the other two certainly, but it is still corded and sits at my bench. My 4th is far and away my favourite, it is the 'MiniMite'. Cordless, small, and easy to handle. It only has two speeds(which is fine for 90% of the work) but those speeds are
jusssst a little slower than the corded models and therefore better for use with styrene.
In all these tools warlock, the thing to remember is NOT to allow the Dremel tool to become motionless for long when working with plastic, always keep it moving, kinda like playing an FPS video game

. If the tool contacts the plastic in one set spot for very long at all (and believe me, it doesn't matter what setting your using) it will difinitely begin melting plastic.
HTH.
Tread.
Oh! BTW, the flex shaft is a pretty good idea, but an even better idea (IMHO), is to go out and get yourself a regular mini drill head chuck for your dremels....you know, just like the kind that comes on a 3/8's drill. The one where you can turn the knurled collar and multiple 'jaws' clamp down on the drill bit. MUCH better and easier than the 'collet' collar arrangement.