Drilling it out isn't a problem, I got that covered, I was just wondering what creative ways you all were using to secure the blade. My plan was to just tape up the blade ridiculously good and drill it out while holding it with my other hand.
As you covered and many mentioned, plenty of blue tape on the blade is a VERY prudent way to go. You can fold a few layers of newspaper just over the edge alone to save some tape. But, don't cover the full blade with paper. You want the tape to stick to most of the blade.
Make sure the tip is well padded as well.
Clamping the blade well is also a very worthy precaution and helps center the drill as well.
There are a few good reasons for using a drill press rather than a hand drill.
A drill press has a work table suited for clamping a blade to - good for safetyh and for centering the bit.
A drill press allows you to lower the drill bit very slowly and in control to shave the metal slowly. Hopefully, you can control the bit to where it doesn't "Bite" and dig in. If a bit bites and digs in, that is where the object gets stuck to the bit and therefore the drill and tends to start spinning all attached objects. If clamped down well, the bit will either torque out the big bite of metal, the bit might spin loose in the chuck, spin the flared tube loose or the bit will break. Not all good options, but all better than spinning the knife.
If the flared tube spines loose it is hard to cut out. So, another reason to go slow. I recommend going with smaller bits and gradually increasing the size of the hole till you get to 1/4".
If trying to hold the knife by hand, most corded drills have a lot more torque than most men have grip strength. But, at least hand drills have a trigger that can be let go of pretty fast. However, using a hand drill is pretty hard to center. You might tend to cut one side of the flared head before the other.
*** Also, you don't have to cut the tube all the way into the tang and probably shouldn't as you don't want to cut any part of the tangs hole and change it's diameter. Just get the head cut off on one side of the flared tube and use a punch to punch it through the other.
Most people have wood/metal bits that are really designed for wood or for metal that doesn't have a "Pilot" hole. The hollow tubes act like a big pilot hole and so the edges of the bit tend to bite into the metal.
There are better suited bits for cutting metal that have an existing hole. Such bits shave off metal and less prone to biting then bits that cut into the metal like most twist bits.
Most home-owner use wood/metal bits have an aggressive cutting lip that slices under the material being cut. In metal, this causes the wedging that causes the bit to bit too deep and stick.
All this said, I am sure some people have just grabbed any ol' 1/4" bit, stuck it in a drill and drilled the tube right out.
I can't find the picture, but many I am sure have seen it.
I can only imagine how many possible dangers could happen with a good heavy "OUT of Balance" knife spinning at about 1500 rpm or so.
Being so out of balance, a stuck blade isn't likely to stay attached to the drill very long either.