I work with stainless building winery equipment. Proper technique is what is important. You do not want the work to heat up or the bit to not cut well or spin without cutting as this hardens the stainless. Stop right away if cutting is not good and sharpen or replace the bit. Use a good quality high sulphur cutting oil and firm pressure. Even though this is a small hole, might drill a pilot and work up through one or two sizes. The boss gets all our bits sharpened with a 135 degree point. Any good quality bit will work if used properly. We don't use any special bits, and a lot of the larger ones we have were obtained military surplus and are nothing special.