All those questions can only be answered by the the shop equipment.How do you set and drill a 1/8" hole in this FF14 spindle?
What is the proper drill bit or bits?
What is proper speed ?
What is proper feed technique?
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I would use a fast spiral drill, in a lathe, after being centre drilled, running at around 800 rpm. The tricky bit is making sure the swarf is cleared, so a fast action withdrawal is important,with a relatively small peck, plus a good lubricant/coolant. Also a finger on the drill is good way of getting feedback as to what is happening at the sharp end. If you`ve not done this sort of thing before, forget it.