Using a pin vise will not guarantee the bit will spin exactly on center but it is often the only way you are going to hold a tiny bit for any type of drilling operation. Most of the pin vises sold are offshore manufacturer, some or decent, others not worth two squirts of duck poop.
Brass is your best bet here with bits smaller than about .046". I also buy #60-81 drill bits in packs of 10, USA made but they still break relatively easily drilling steel, so make sure you have a couple of extra plugs available. One thing I do when drilling steel plugs is to drill most of the way thru with a larger bit, then finish the operation with .030" bit. I have one .018" bit out there right now that's drilled at least 100 holes without breaking, but with that said it will probably break the next time I stare at it too long!
I'll also mention here that the dark black plugs can be very difficult to drill as they are hardened. The shiny colored mild steel plugs are much easier to drill.......FWIW.....
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