If your drilling out oil lines, cobalt is going to be your toughest, but it going to take a long drill, like 9 inches, right? That's going to be expensive in cobalt. A 9/32 or 5/16 drill that long is going to twist and chatter cause it's just cutting on the outside edges. To stop all that, flatten the cutting lip on a grinder and radius the edges. That will keep it from grabbing and chattering and the radius edges will give it more cutting surface area. I can post a picture of one sharpened like this if you want. Also start with a shorter drill bit and drill in 2 inches or more before going to the long drill. Use a drill press if you got one and blow out the chips every inch or so when you feel the chips binding up with compressed air. Also your going to have to reshaped the drill often.
I'm a life long tool and die maker.