You really have to have sharp drills! Once they dull the least bit, it creates a lot of heat, so kills them faster. You can watch HSS die immediately. I usually use cobalt drills because they don't shatter like carbide, but they will die pretty quickly if you are spinning at high or even medium rpms. I use Valcool, which is a cutting fluid, but other stuff works too. It really needs to be a constant flood of coolant, not just a spray here and there.
I would assume that 3Al- 2.5V should work OK in that application. They use it a lot on bike frames because it's weldable.