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In article .com,
says...

We want to drill a 3/4 inch deep hole
with a #1 drill which is the size called for for the thread rolling
fastener we are intending to use.

Thread rolling fasteners require a fairly precise hole size to develop full
strength, so I think a hand-drilled hole in steel that deep would end up way
oversize due to wandering around.

The mag drill, as others suggested, is an excellent idea. Milwaukee makes a
nice line of them that are fairly small and easy to handle, I have used them
numerous times. Here is am online vendor, but I am sure they would be available
locally if you preferred: You are looking at around $1200 for a nice quality
tool.

http://www.mytoolstore.com/milwauke/mil011.html

Dennis