"Large Holes:
Bi-Metal 'Hole saws' will work well to cut button holes.
However, they dont seem to last forever... and they
are expensive to replace.
You may wish to use a 'metal punch'. A ratcheting device
that slowly cuts as t clamps the two halves together."
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And for other drilling and cutting:
No matter what, drilling thru metal will always kill bits quickly. However, here
are some tips that will make things last a lot longer:
1) Start drilling a hole with a much smaller bit.
2) After completed, use the next drill size up.
3) Keep stepping up size in bits, untill youve made it to the size youve needed.
By doing this, you are cutting less metal per pass than if you
were trying to cut directly with one bit. Smaller bits have less
surface area, and thus less resistence and friction. The
next bit up, will then just have to 'shave' the outter edge
to get thru...etc.
Other stuff...
Use a cutting fluid. Coat the bits, and the area to be cut.
You could try to use some sort of oil.. however, oils tend
to burn and smoke... where cutting fluids are less prone to
it. These will help keep the bitss cooler and under less friction,
thus less wear.
Heat:
When metal gets hot, it will expand. This can also cause
more wear than wanted. Try to keep things cool with a
constant airflow.. as well as stopping after a while of
cutting and waiting for things to cool. Your drill will
also last longer too. heh You can keep some
Ice water next to ya, and douse a hot bit cool
quickly. Just dont drop the drill into it

Professional cutting machines use some sort
of constant fluid flowing over the material
while cutting metals, to keep things cool.
You could simulate this too. Maybe use
a spray bottle every so often.
Sharpen Bits:
Get a "Drill Doctor" machine. They work awesome.
You can re-sharpen your bits over and over and over
again. The 'split-tip' option on them will help
to make an even better bit than you may have started
out with! Highly worth the cash imop.
Step-Drills:
There are these cone-like bits called step bits.
Its simular to the process of drilling small to
large holes.. but no need for changing bits.
The downside is that the bits are expensive. You
also may need a set of them.. as some use too
big of steps and wear too fast. Im not sure if
they can be sharpened.
Wear:
Most wear occurs at the very Tip of the bits.
The spiral flute is more or less just to keep the
materal moving up. A dull head, will not cut
into the metal no matter how hard you
push.
The angles and curved cuts on the drills head
can be sharpened.. but not easily without a machine
specific for it. As if you are off on the angles, the
bits will function poorly anyway. They may break or
dull even faster too.
Large Holes:
Button holes and larger.. your better off useing some sort
of 'metal punch'. A ratcheting device that slowly cuts as
it clamps the two halves together.
Bi-Metal 'Hole saws' will work well to cut button holes.
However, they dont seem to last forever... and they
are expensive to replace.
Other means:
Jigsaws:
With metal cutting bits can cut decently.
Metal Cutting Bandsaw:
An awesome machine for cutting metals! They
are smooth and cut at slower speeds, and are
very quiet and effecient. The blades last very long
compared to other methods.
Cut-Off Discs:
These abrasive discs can be used to cut metals..
however, they grind theirselves away as they are
used. It can get expensive if making lots of
cuts with them.
For extreme cutting of metals.. Buy a plasma cutter! Hehe.
Can cut intricate designs in metals. However, these are
very expensive.
Many welders can also cut metals.. tho, they are also
a bit expensive, and require a good knowldege, skill,
a welding helmet and various other equipments
needed for proper operations.