BoeLube is still made.
http://www.yardstore.com/browse.cfm/4,4900.html
Step drill are made for thin sheet. Most older pickup frames are low carbon steel that has been hardened, but not too much. For 1/4" holes I wouldn't bother with a pilot. American made HSS bits will work when used properly. Split points are a must. A good bit can be sharpened many times, so a Drill Doctor is a good investment. And all but the bottom end DD can put a split point on the bit.