Yes, you see them from time to time. Some screw on and some have a allen lockscrew.
The big issue is the high torque motor and attachment setup with no locking collar are very dangerous. If things go wrong ( which is likely) the handpiece and shaft could hit you like a nunchuck. The other issue is no foot control ON/OFF or VS.
I know you are trying to save money, but the best spent money would be for a Foredom TX series with the Heavy Duty shaft. There are also some Chinese units that are 1/4 to 1/3HP that work fine for a hobbiest. They start at $50. They won't work as hard as the TX or last as long, but they are cheap.