Seems odd, but I have better luck on something like this, not using a drill press. You are putting so much pressure on the corners of the bit, that they easily break. When I drilled out the eaton hubs for 9/16 studs, I used my 1/2 cordless dewalt drill. Its hard to put to much pressure with a hand drill, as long as you use some lube you are good to go. Also the higher speed lets you take less material at a time, giving less chance for breakage.
Just to get you to Moab, if all else fails, Ill give it a shot for you.
My time, my bit, free of charge...