I have seen some similar but was a long shank or rod about the diameter of a 1/4" drill bit but had an end on it with a hole in the center and a small set screw to hold a bit or similar. something like this cant take the torque like you would see from using it as a drill bit extension, but maybe for light duty work.
maybe something for lapping valves, a "magnet on a stick" approach might work where a drill could be used with a long shank where the end would have something that would grip the flat side of the valve?
just thinking out of the box here!!