There are a lot of parameters there dude? What kind of steel? What kind of bit? How big of a hole? If we're talking mild steel and your average metal bit, WITH CUTTING OIL, working from a dimple, up in size to something not too huge 20 minutes per hole wouldn't surprise me at all and no you wouldn't get a whole lot of holes before the bits started to dull. In any case, use cutting oil!
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