Why do you need cobalt? All it does, assuming they even added enough to matter into the steel, is improve it's high-temperature strength. As in, near-red-hot.
If you're not turning your drills *far* too fast, and/or not drilling exotic alloys like Inconel or AR400, you don't need cobalt drills.
Besides the fact that "cobalt" drills that you get in box stores usually only have a small percentage of cobalt- it's extremely expensive- when you need upwards of 8% to actually provide the high-heat benefit.
Doc.