Cutting fluid is an emulsion of oil and water - at least for steel cutting.
Here is a related article:
Cutting Fluids
Eddie, are you drilling it in one shot or do you predrill first? I have a floor drill press, one of the best tools I ever bought and I would still go in two steps to drill all those holes.
Also the drill press gives you the slow speed you need - unlike hand drill with two preset gear speeds.