How big of a hole are you drilling? If it's larger than 1/4" try masonry bits for your pilot hole (you will want a pilot hole). Then use Hi-Rocs or carbide spade bits to get a clean hole at the diameter you want. I found that slow speed, moderate pressure, and plenty of Cool Tool II works well. I sharpen the bit just before breakthrough because sharpness is critical then. Be very careful from when the bit breaks through until you finish the hole; move from light to very light pressure because that's when the bit is most likely to chip. I've drilled 1/2" holes in hardened ATS-34 this way.
Do your experimenting with masonry bits. They're cheap, like $2 or $3 each so you won't feel too bad when they chip out. Oh yeah, don't even try this without a drill press.