Nicely done. Funny. I did this exact same thing last week, but my wife was away on vacation, so I didn't have a camera to post pics!
I too used smaller drill bits and worked my way up to 1/8", and I 'erased' the bridle on the horse. To do the erasing, I used an eraser refill for a mechanical pencil and mounted it like a drill bit in a cordless drill. I need to get me one of those Dremel thingies. I had one when I was a kid, and I might need to get a new one.
Great minds think alike.