About 100 yrs ago (it seems like it anyway) we were shown this style of bit in shop class. We were drilling a hole through plate glass for a decorative fixture. (3/8" dia. I think it was) The instructor made a small, round-ish dam, about 3/4" deep, out of modeling clay around the site to be drilled and filled this depression with oil. This was done for cooling as well as lubrication. I seem to recall the drill was set to a medium speed and a very light pressure was used to initiate the quill. Took a few minutes but it worked a treat. I also remember him stressing the use of "hob nob" gloves and safety glasses to be sure. I think I only used this type of bit once since that time so very long ago but like everything else, the right tool for the right job.
BC1
Jim