I did the same thing as Mike up there. Definitely use some kind of lubricant. WD-40 works well, vasaline is better cause it'll hold the shavings. To make things easier you're going to want a center punch to mark the center of the hole. It also helps set the bit when drilling. You'll also want some kind of sandpaper or a rough file to clean up the edges. A stepped bit can be found at most hardware stores, if you have a HarborFreight near you can pick one up for <$10.
I haven't used a plate chiller, still using my homemade immersion chiller. The only downside I've heard of is you have to make sure you flush everything out of the chiller before storing. Both plate and immersion chillers take about the same time I think too, unless you have a grossly oversized one.
Prepare for Ludicrous Speed! Keezer Build