I guess there is kind of a "feel" to it, but there is a difference between letting a bit cut, and forcing it through material. Ive used stepped bits on a lot of projects out of convenience, and sometimes they are maybe a better choice. sometimes not. I have gone through an inch of mild steel with a 3/16 stepped pilot, and a couple of harbor freight cheapos... really not that bad as long as you keep the bit cutting, and not forcing it. Have ony sheared a few of the 1/4 shanks, and it was when i was being tarded and didnt have the work piece secured well.
I would tend to dill something like this by hand rather than try to secure it in a drill press. If you are fairly steady handed, just clamp the tie rod to a table or in a vise and have at it. Forged steel on parts like that cuts and welds nicely. ??
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oh yeah, for the money... and still easily sourced at box stores like the depot or lowes? cobalt (i mean the material, not the brand name cobalt). almost all of my frequently used bits are cobalt now. dont really care about the titanium coatings and things like that anymore... the Cobalt bits seem to hold an edge MUCH longer and keep cutting cleanly sooo much longer than any of the others I've used. Of course I can hand a new bit to one of my installers and they will ruin it immediately to prove a point (pretty sure the point was that they did not want to drill holes, and it was too hard to fire people here), but with a little finesse I was keeping the same bits for a long time and using them on everything from wood and extruded aluminum and mild steel, to 303 and 304 stainless. I've never been one to resharpen -seems like the time invested wasn't worth it when you could roll the cost of new ones into the next good sized project. no Idea how cobalt bits would take a new edge, but I have a small box with some of the old bits just in case i need to find out some day.
Also, when in doubt, read the speed recommendations that come on the cutting bit, and then take a look at the side of your hand drill or your drill press?