0ERRRRRRR!!! Wrong! I have a one inch step bit
in my drill case. It doesn't have a drill point.
I have to drill a 1/2 inch hole first. Large
step bits are very expensive and may only be
available from supply houses that serve more of
a professional clientele. I've been working in
the field of fabrication (not the political kind)
for many years so I know these things. I'm also
a tool junkie. Google before you post. One example:

http://tinyurl.com/5sfgnc

TDD

Your example won't work. It has a 5/8 shank

"Google before you post"