Hmmm. A Dremel and carbide burr may work for that purpose? Dremel also has a small device that lets you use the Dremel like a drill press, too that doesn't take up much room. With being on a ground blade, unless there is a large enough flat spot, it will be difficult to drill through it since the blade will be at a slight angle to the drill bit, which will cause the drill bit to "walk" and not cut.
I would clamp the blade to something to hold it steady and go at it with a Dremel and carbide burr, then clean up by hand with some diamond files. You will need to keep an eye on the temp and keep the blade cool. If it's a folder, I would try to remove the blade so you can keep the handle/action/lock mechanism free from the teeny metal slivers that will go everywhere.