In addition to the great answers here, here are my own meager thoughts on drilling in general, which are worth what you paid for them.
Speed? It depends on the material and especially, the size of the bit relative to the size of the blank. I generally go at around 750 rpm. If it's an absolute basket case of a blank and I really, really must not crack it, I'll slow the press down. Once, even to 250 rpms. But this is rarely necessary, as far as I'm concerned. Oh, and if you have parabolic flute bits, they say you should run them faster (say 1250rpm), though I have found they do just fine at 750.
I do not use a blank centering vise because sometime the blank may have a sweet part that is off center, and thus I want to drill off center. If you have to keep taking the centering vise off that just defeates the point of having one. You'll just be endlessly putting it back on and recalibrating it. If I had a second press, I would of course use one. In fact, that would be a great idea where composited blanks are concerned.
Some things drill easy and then I don't worry so much about "the touch". When something tricky comes along, an absolute MUST NOT RUIN like drilling a really exceptional 5/8ths white micapearl for a Statesman Jr., or a composited blank that I really need to nail center on, I use "the touch."
First, it is essential that the initial hole be centered. Go in too fast and the bit will "travel" and if you keep it that way, I guarantee friction for the duration of your drilling operation. I don't hesitate to do a bit of realigning around the bit, if travel occurs.
Once I have a good centered hole well established (1/4" to 3/8" in), I use a light pull into the material using just the weight of my arm, as I visualize a long perfectly uniform spiral going down the blank, yielding a thin, accordian-like piece of material "milled out", really, by the 135 degree cutting edges. (Norseman bits are pricy but very, very good for this, IMNHO) If I do it right, I see a long, wavy piece come out during early drilling, and on bit extractions. Toward the end, I use a cold damp sponge to cool the bit every second bit removal, and on acrylics, if I get any sqeaking at all (which almost never occurs until I'm at least an inch into it) I don't hesitate to use an eyedropper of water (even soapy water, depending on how delicate I think the blank is) to lubricate. Too much though and the rules of hydraulics take effect and you have to push through water resistance and get water everywhere, to cut the material. Just something to be aware of.
On wood, the water is a bit more problematic, since, as I'm sure we all know, some, though not all, woods expand when wet.
To avoid tear out at the exit hole, I avoid exit holes. I always leave the blank long and use the depth guides. Which are there for a reason. A good reason. Yes, you have to make another cut on the blank after drilling, but it's not like your saw isn't doing most of the work, is it?
It really doesn't take long to do any of this, and again I only do it when the blank is tricky in some way. On smaller bits, (J, O, U) I find the parabolic flute bits are really good at clearing materials, though they are more susceptible to travel. On the bigger bits, I've tried all types (Fisch Vortex, brad point) and I don't see that they really do it any better than a good, sharp 135 degree Norseman.
But that's just me.
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