Dremels are not suitable for use on SS. speed too high and problably you'll melt or break the bits before the hole is done. You need to use a bench drill that spins not more than 500rpm(no load) and copious amounts of oil or machining coolant.
and dremels are not the most precise tools around. I bought S$400 worth of dremel and dremel stand only to find out that it botched all my home made PCBs. 1mm holes became 1.5mm and broke 2x $15 a piece tungsten carbide drill bits while rounding the 3rd. There a 0.5mm free play on its shaft and the dremel stand has its own freeplay.
It was an expensive lesson. should have spent S$200 more and gotten myself a proxxon.
You won't hear my Arguing that there is No Substitution for Good Tools. But many times Cost and Time play a Role in what I chose to do.
If I have to open up a Hole Diameter with a Drill, I just I could take the Cover off my Drill Press. Swap the Belts to the Lower Setting. Get out a Vise and a V-Block. Dial in the LOC. Drill the Hole and then put everything Away.
Or I could just Chuck up a $2 Drill in a Cordless Drill and Drill it by Hand.
To me, if the Drill only lasts One Hole because I used the Wrong RPM, so what. 2 Bucks to get the Job Done is worth it to me vs the Time to "Do it Right".
Of Course, It all depends on the Precision I need the Hole to be and how many Holes I have to drill.