I did my original static CP using black formica laminate before I converted it to modular.
I drilled it from the top using a spade bit - it seemed to leave a cleaner hole than the hole saw.  However, it also heated the drill bit a lot and dulled it rather quickly.  The hole saw I had had trouble getting through the laminate layer, so I used the spade for most of the holes.
High speed is a definite plus.  I had access to a drill press that ran about 3600 RPMs and it went through the laminate like a knife through butter (but also REALLY heated the bit).  The handful  I had to drill with a regular drill (around 1200 RPM) seemed to take forever.