I dont like coated bits unless they are 1/2" an smaller. Which I normally dont re-sharpen. Larger bits are expensive, so they get sharpened, and that takes the coating off anyway.
Some good bits that arent junk, but not overly pricel either are hertel S&D bits. MSC carries them as well as some higher end ones, and some cheaper ones. I find the Hertel work well, good quality, and keep them sharp.
The issue with small presses is they just run too fast for the power IMO. Typical HSS bits in mild steel work well with a SFM of 80-100. Which calls for 300-375 or so for a 1" bit. But if you dont have the power to spin it that fast AND pull a decent chip, then they overheat.
For sharpening, I like a belt sander.