I use spade bit to drill thru. lexan and so far, did not cause any problem..... (and I have drilled MANY holes...)...
what I did first, is... I cut the wood.... and drilled the wood first, then I put the lexan on top (like how its suppose to go...)... after everything is correctly aligned..... I use clamps to hold them together..... (ohh.... also, I usually will have like 2 screw holes on the edge to make sure it stays together... so, I'll also put on the screws and nuts also....
after making sure it's aligned and clamped / screwed together.... I flip it upside down....
so, now... the wood is on top and the lexan on bottom...
and I put the drill and the spade bit on the hole (so, it'll align itself.... and drill thru the lexan as if that piece of lexan is wood....)
hmmm..... I did not apply too much pressure... but I do apply some pressure.... (sorry... donno how to explain...) but as said... I drill thru it like wood....
I believe out of the maybe 30 holes or so that I drilled... maybe 1 or 2 will have a little roughed edge... (can be fixed by sand paper easily.... or an exacto knife to clean it...)
but no pblm so far....
also.... during the whole process, I do NOT remove the protective paper on BOTH side of the lexan....
So, after drilling, both protective paper is STILL ATTACHED...
maybe your spade bit's cutting point is dull ??.... could that be a problem ??.....