I bought a drill bit from these guys last Sunday - still not here...
http://www.ebay.com/itm/Drill-Hog-11...item27fd254772
But I was able to drill a pilot hole with a cobalt bit on my drill press using a 650 rpm setting and using dry lube. The slower speed really made a difference in the cut.
Mocking up the lower as-arm it looks like I will be doing the slight trim of my a-arm exactly like crakarjax did in his pics shown on page 5 of this thread.