-
I don’t have room to lay a bike on its side on a pillar drill, tbh. That would be ideal but doing it by hand is fine. I just use WD40 or Rothenburget cutting fluid and apply it gently over the drill tip from above. As @maynardeames says, you don’t need much, on a small job like a bolt it just helps preserve your drill bit and stops it from snatching. It does help if someone else applies it while you have both hands on the drill, tho.
Yup, drill speed is crucial depending on what material you are drilling out. The trick with bolt heads is low speed, medium pressure and, crucially, use cutting fluid to lubricate and cool it. Not easy when you’re drilling side-on and it makes a mess, but I got bollocked many times as an apprentice about the correct use of drill bits.