Smoke is not good, and slower is not always the answer.
Actually for me the best way to drill any blank is dependent on a few things.
the type fo wood, the type of bit, how dry or wt the wood is, what size hole is being drilled and how big is the blank.
I just drilled 60 half blanks of very dry 3/4 X 3/4 Walnut with a 7mm bit for slimline pens. I can feed that bit through those blanks in less then two seconds. would be faster if I could spin the handle faster.
I wouldn't even think of trying that with a 37/64ths bit in Cocobolo even if the blank was an inch square.
There are simply to many factors to say drill every 1/2 inch hole at XX speed. knowing how it is supposed to work and then adjusting as needed to get that effect is the method I prefer.
Hard wood, oily wood, wet wood, and odd grain will all have there effect on the desired outcome. knowing when and how to compensate is the mark of experience.
slowing down keeps the bit spinning int he blank longer. causing more frictioin, creating more heat. and can even cause the balnk to warp and grip tighter on the bit. just one of many senarious that can play out. i've had blanks that actually shrunk after being drilled making the hole to small for the tube, requiring that they be drilled a second time.
more accuratley the wood expanded after being drilled due to heat while being drilled but that is getting a bit technical.
To keep it short. oops to late. there are many answers and most of them woudl be correct for a given situation.
but try this. take a 1X1X2 inch piece fo dry pine. drill through it with a 1/4 or 7mm bit as fast as you can. watch cerfully how the chips clear (fly out of the top of the hole) as the bit passes through. very few chips should come out the botom as the bit exits. this will give you an idea of how a bit should work. this is the ideal. you should end up with very little heat. clean entry and exit holes. and a smooth straight bore through the blank. doing this will just help you develop a "Feel for what should be happening. and remember. our craft ranges from 1/2 inch pieces of wood to 1 inch. frill bits in sizes from 6 mm (yes 6 mm) to 37/64. and woods from very dry and soft to very oily and hard. so the deveation from this norm is quite a bit. I still don't have the nerve to try and drill $6.00 burls at the speeds I will drill .50 walnut and other woods. I also know I am actually causing more problems slowing down than I am avoiding.
by the way, not one tear out or blow out amoung those 60 half blanks. and the bit was cool enough to handle with my bare hands when I was done.