selfie, thanks so much for the details!  I guess I'll put CNC bits on the back-burner for now.
I picked up the dremel plunge router attachment and will try a few holes later when I get a chance.  Hopefully a regular twist bit and a really fast spin will give a good enough result.
On another note, I picked up another blower.  I was actually thinking of making an air cleaner for the shop.  The big ones I see (e.g. 
http://www.busybeetools.com/products/AIR-CLEANER-510CFM-CSA-CRAFTEX.html) are rather pricy.  All one needs is something to move air, a filter, and a box - all easy to come by.  This new one seems to move a lot of air, and may also be able to build more pressure.  It's something of a different design from what I currently have (pics to come).  I have yet to spend any time with it, so details sketchy at the moment.  When the time comes, I think I'll try both - the better one will remain, the other becomes the muscle behind the air cleaner.
Earlier in the thread was mention of a mini - I may just try that as well.  Some time ago i was given a pair of smaller blowers, so I might just put a mini on the to-do list.  And in fact, perhaps before drilling 4k holes, I'll try fewer with a smaller blower as a test.