I actually practiced that today on some scraps. The #8 tap worked awesomely with a drill. Just make sure you don't try to slow it down, let it feed at its own rate since its going to feed itself in. It was when I tried it with my 3/4" tap that the drill hurt me

Be careful about trying it with larger taps but its awesome on the smaller taps.
Wanareef, where do you get your bolts? I had read somewhere of people getting them at Home Depot but what I found at HD tonight wasn't real promising to me. I tried looking through Google for a source but quickly gave up on that.
I am looking for something in the size of 1/4", #10 or #12. Also, the wingnuts and washers for them. HD carried the nylon washers but no nylon nuts at all.