Spehro,
If you're still agonizing about this, the perfect drill motor for this is a Dumore air line drill head. They have an electric drill motor that spins at something like 20k rpm built into a air cylinder that pushes the drill down. You vary the downforce with the air pressure, and they can be set to drill one shot to depth or pulsed for a pecking operation.
I mention this, because my local hazardous waste emporium has half a dozen of the heads laying on the floor for $20US each. They're dirty and missing things like air solenoids and foot switches and the chucks are a little beat up.
If you're interested, drop me a line and I'll try to figure out a way to test them.
Paul K. Dickman