Here's what I learned as I drilled:
I used one jig of my own design: I slotted (1/2 deep) a piece of 3/4" ply on the table saw, exactly the width of the steel I was drilling. Once I had a satisfactorily centered 1/16" pilot hole in one piece of steel, I put a stop block in the end of the wood slot, and laid an undrilled piece in the bottom of the slot. I butted it against the stop block, and laid my "template" (well centered hole) piece on top. I put my hand drill in a cheesy B&D device which "turns your hand drill into a drill press" (I had it laying around the garage), and drilled through the template into the new workpiece. This was a big success and a great leap in precision, compared to past projects, for which I measured each piece before cutting, and attempted to center each hole (unsuccessfully).
Also, as suggested, I applied cutting oil to the bits as needed with an acid brush.
I did, however, manage to break a lot of thin pilot bits, since when I pulled the handle of the "hand-drill press" the bit travelled a lot (laterally) during the pull.
Now, onto countersinking: This seemed to require much more pressure to get shavings than did boring, and I stripped the lever gear on the "hand-drill press" on the second countersink (of ~100). The rest of the countersinking went terribly slowly (hand-holding the drill), but I didn't dull the bit this time, thanks to a lot of cutting oil, and I frequent dipping of the bit into water (to cool it).
Once I broke the chintzy drill fixture, I did a lot of hand-holding of the work against a wood block, and really tore up my hands and wrists, applying all that pressure. Also, for the next few days, I gained an appreciation for the level of aggravation caused by dozens of hair-like steel splinters in my hands.
Anyway, despite the (minor) setbacks, this project went a lot better than it did last time, thanks to r.c.m.
Thanks again, Jamie