I don't think a drill bit is going to touch it. I'd recommend the omega die drill thats in McMaster Carr but you need a really rigid setup like a milling machine to use it.
I think I'd try something different, piece of copper or brass rod the same size as you want to hole, put a dab of clover lapping compound on it and then burnish it with the rod. The abrasive should embed into the soft material and make a lap that will wear out the harder material. Its going to be very slow, I'd use a drill press and attach a weight to one of the handles, not silly pressure but medium-firm, come back and check it every once in awhile and recharge the lap.
I think it would work better if the rod could be center drilled or you could find a piece of tubing the correct size, so its acting as more of a trepan tool than trying to wear out the complete diameter. But, if you can't find the tube you'd have to drill the solid rod in a lathe, now into more tools than you might have...