Every homeowner should have a dremel! (no i'm not getting paid by the dremel corportation, whoever they are).

Sanding - A dremel with a sanding drum is very helpful for sanding down tight spaces, and cleaning up the bevels on the edges. For example, on my 1911 magazine project I used the dremel to create a well around the top to make it even easier to slide the magazine into the holster without looking. This is a key to quick changes of magazines, and a must for me in a holster. It just took a minute of sanding to provide that bevel that will allow the magazine to glide if I miss the hole by a little.

Cutting - The dremel can also be used to cut kydex. I use a large size cut off wheel, and cut/melt through the kydex. This doesn't even come close to using a bandsaw, but if it's all you have, it is at least as safe way to cut kydex.

Be sure to use the slowest speed availible on your dremel when working with kydex to make sure that you are taking material off rather than melting it (though that is tough to avoid when cutting)