To clarify, I would say that drilling 5-6 holes 5/16" in diameter in a piece of steel .125" thick takes about 10 seconds per hole, not even counting running a countersing, guesstimatiously speaking. Meanwhile, grinding a fuller from the top pin hole to the lanyard hole (or to the end for a tapered tang) takes, say, about a minute with a 60 grit belt. I'm less interested in burning up $7 HSS drill bits than I used to be.
A tapered tang is actually quite easy and doesn't require any specialized equipment! As long as you have an open idler wheel and a decently flat platen on your grinder, you can grind a tapered tang!!
My trick is to use the bottom idler wheel on my grinder to grind a fuller, grinding all the way past the butt of the knife to the final thickness I desire (about .02-.03"), though Loveless used a 4 or 8 inch contact wheel. Then using a welding magnet I grind the tang down to a taper! Literally you could even use a 4x36" belt sander with a piece of glass glued to it for a perfect platen. Or even a disc grinder!
Never, ever assume that something is harder than you think it is, because then you'll never try it!