I think my biggest worry would be the heat generated in the drilling process.
Alternatively: Can you contact the powdercoaters for advice? They might be able to offer some suggestions/tips.
1950 Chevy Advance Design 3100 in Scotland In the Stovebolt Gallery More pix on Flickr. I've definately got this truck thing in my blood ... my DNA sequence has torque settings "Of all the small nations of this earth,perhaps only the ancient Greeks surpass the Scots in their contribution to mankind" Winston Churchill.