Shipwright - I use harbor freight bits all the time. And I jut did what you are trying to do.
You should know that the balls are hardened and wont drill easily. The must be pressed out leaving a softer already drilled area. The hole is an odd size, I drilled mine out to 5/8 inch just so I had a standard size.
You must press them out. You cannot drill through steel that is as hard as the drill bit. Just grind off the bottom opposit the ball, because that has been peened to mushroom out and hold the stud in place. Once you grind off the smashed area, you can press it out or knock it out with a hammer.
What is left will be a tapered hole you can drill out easily with even the cheapest bits. I agree with the other guys, good bits help. But Harbor Freight will sell a set of silver and demming bits from 5/8 to 1 inch for $20. You can pay $50 for a single 1 inch bit. Unless you are doing percise machining, there is no need for it.
The trick is to know what you are drilling. Even the best bits will just burn up if you try something that hard.
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