Hi Bob, Buy a new pack of HIGH QUALITY HSS drills — don't economise buy a top brand e.g. dormer or similar. Speed— probably as high as you have on your machine but not knowing what machine you have I may be wrong?
For lubricant I would use suds if you have it if not soapy water works well but clean and oil your machine after.
Another one I have read about but never tried since I read it is milk — might be worth a try.
Good luck John