Chris,
reading your question the first thing that went through my mind was a band clamp, either what you've identified or a homemade one. The issue will be the diameter of the hole you want, the torque will be quite high, so holding it might be harder than you'd be happy to hold (yes you could until the first one got away from you).
Which is why I'd sit and thing about finding some way to hold it in something connected to the drill table.