The cheapest cutting fluid is water. Spray with a garden hose to flood the area, just make sure to wear rain gear with the spray. We drilled many holes in structural plate (1/2" through 2 1/2") for column baseplates that way in the metal shop.
We used various magnetic base drills, like Jancy Mfg 'Slugger', and used a diluted oil for that machine, as it feeds through a specially designed metal holesaw that pops out the center (the slug).
However, when drilling 1/16" thick, oils might be easier to work with.
The wisest thing in the world is to cry out before you are hurt.
Board-Stretcher 101 : I cut it twice and it's still too short. I don't understand?