Pam works great. I put my whole weight on the drill,laying my chest on it with my arms in close and go SLOW. Let the bit slowly carve the metal and you'll see long shreds coming off. Go have a beer and listen to some tunes...if it overheats your screwed.
Steve, have you tried to solder anything to the holes you cut with Pam? I have enough stuff to start soldering my shiny new pot, if I could only get the nerve up to put the drill to it! I think it was GreenMonti who pointed out it was not good to use the keg tool with oil, because it contaminated the metal. I have two ss 1" locknuts from bargainfittings that I plan to solder to my keggle and a Bayou kettle. I am planning to use a 1.25" hole saw which seems to be the tightest fit. Maybe it would work to use the Stay-Clean flux to lube the saw, I don't know.