Thank you, thank you, thank you!
I bought the Pepe Jump Ring Maker + Economy Flex Shaft from http://Contenti.com, and I had been getting crappy results. The included directions, and some video demonstrations instruct you to run the blade at full speed. I was getting smoke, heat, and crappy jump rings. I slowed the blade way down like ljt did, and they are finally looking like the good ones I bought on http://Etsy.com. I still have to practice a bit, but now I'm making usable rings.
Thanks again Movak and ljt.