Ok, my turn to chime in
Much of this has already been said, but it cannot hurt to repeat.
1st - make sure your drill bits are sharp AND clean (from previous drilling sessions)
2nd - drill press helps a lot, do not think your drilling by hand, but just in case
What follows is my method and little of how I came to do it this way.
I do not own a drill doctor. I do own several Colt Brad point bits, Norseman bits, DeWalt bits, and some cheap no name bits. I have never sharpend any of my bits, nor had them sharpened, although I am going to look into this for future(it just makes sense
). I prefer the plastics, because I am never happy with my finish on wood (I know, taking the easy way out with plastics). I have drilled what Woodcraft called/calls AA, what CraftSupplies USA calls celluloid, and Polyester Resin(PR). I personally think the celluloid product is the softest of the 3, AA in the middle, and that PR can be quite brittle. I own a small Ryobi Drill Press(10" I think). I have come to use a speed of 900. I use this speed on all diameters from 7mm to 33/64". I do not pre-drill, or use a center punch (this could help with wandering though). I cut my blank to length first, usually about 1/8" - 1/4" longer than needed. I pre-cut to length because my drill press has a short vertical travel of about 2-1/4".
When I first started pen making no problems with blow-out, lucky I guess. Then as I started making more I began to have problems with blowout, my bits probally just got dull. with the method I have adapted and am using now I have not had any blowouts in almost 2 years(about 100-150 pens). I will say I have never had a blow out with wood though.
I think the biggest problem is heat, bit and blank should be kept cool. When drilling you should be getting nice long ribbons, if you're getting gooey clumps then the bit and/or blank are too hot. STOP and let them cool, or add the water now. I have used an eyedropper and water in the past. I would place water in hole about half way through drilling. I do not do this anymore because I am too lazy.
I use a handscrew to hold my blank vertical. The handscrew is then held on 1 side by a quick-clamp or handi-clamp, and on the other side by the hand that is not operating the drill press. I do not flip my blanks because using my method I would have problems with alignment.
When I had blowouts, it was always at the bottom, where the bit exited the material and always on 1 of the 2 faces not supported by the handscrew. I came to realize that I was probally tightening the handscrew too much, should just be enough to hold blank while running bit in and out. I would place a thin strip of 1/8" thick MDF of hardboard under the blanks, but sometimes still had problems with blowout on the side not supported by handscrew. I did have more problems with blowout on brad point bits than others with this method.
This is the part you really want to read, can skip rest, I just talk too much
The final change I made, and I know some will say this step is not needed but it has worked wonders for me.
I get some MDF or hardboard (1/8" thick). I cut strips on bandsaw to roughly 3/4" wide, just eyeball it. Then I cut each strip into little squares, just use same setting on fence. I have a box full of little 3/4" squares 1/8" thick. After I have trimmed my blanks to length I use CA to attach 1 square to each piece of the blank. Depending on pen this could be 1 or 2 pieces. I just use a larger 4" handi-clamp to hold square to blank for couple of minutes till CA has cured.
Afterwards I just put blank in handscrew with MDF square end down against the drill press table. This gives support under the blank and as long as the square is roughly centered on the bottom of the blank it supports all the material immediately around where the bit will exit. This corrects my problem where the handscrew only supported 2 faces.
Since it is just MDF (cardboard) afterwards I can just trim it off with a boxcutter or the pen-mill when squaring my blanks.
Sorry for all the babble, hope this helps.[8D]