I would agree with Acer on the speed, and that a cobalt bit should work. I drill a lot of 01, and use cobalt most often. I'm not sure I agree with using cutting oil though. In my experience, just saying, in my experience, cutting oil used with cobalt bits just causes an oily drill table, and does not seem to help the cobalt bit as it would a HS bit. I used to use oil with the cobalt, but got tired of having to clean up afterwards, so stopped using it. Bits lasted, at worst, just as long, and seemed to maybe last longer.