I get most of my tooling from
MSC Industrial Supply. The company is one of the main machine shop tool suppliers in the US, so I don't know if they have a minimum order. Probably not if you order online. You probably want to get the jobber bits. They have a LOT of items, so its easy to get confused.
In my area next day shipping for the same price as regular shipping is standard. One of the nice things about MSC is that they have a range of quality for each item. Cheapest imports to the domestic high quality. Price matches quality, for the most part. You get to choose.
For speeds, high speed steel needs to be kept under 95fpm (foot per min) when cutting steel. A simple guide is 360/diameter for RPMs. You should really only drill at half that speed, but this gives the max you should do. Cooling/lubrication is a must when drilling steel. I solved out shops debate about which is better: water or oil. We use an emulsive cutting oil. 40:1 water to oil. Water for cooling and oil for lubrication. Worst case, just use waste motor oil and deal with the mess. Cast iron doesn't get cooling fluid, just go slower.
Sharp bits are wonderful. I picked up a Drill Dr. for the shop to see if it would be easier on smaller bits. (under 1/2") It takes a bit of practice, but anyone can get good, sharp bits with it. Well worth the price if you can't seem to get the hang of hand sharpening.
I would stay away from carbide, unless I had an unusual material, or had to drill a lot of the same sized hole. HSS (high speed steel) and it variations (cobalt, TiN coated...) will be a better bang for the buck, IF you keep them sharp, and don't go too fast. Its harder to sharpen carbide, unless you have a diamond stone. Fortunately, the Drill Dr. has one, so it can sharpen them.
Michael
Michael