Ken: I drill using a mixture of water, dish soap and alcohol. I've never had a problem with melting that way. I have a 6" drill bit so I can drill all from one end, and I drilled it all in a couple of minutes. I just keep removing the bit and filling the bore with the witch's brew.
I turn it using a Hunter tool. I can start at wet 400 to sand after that. It leaves a great finish.