I just keep the bit cool enough by using my air compressor. I just blow air on the bit and the blank while I drill. When done drilling, the bit is warm, but never hot, certainly not hot enough to cause some of the problems I've heard about. I've drilled acrylic, polyester, inlace, fauxstone, trustone, corian and antler. A variety of woods, of course. I drill on both a press and the lathe, same general approach. Cool with the air, back off every half inch give or take (depending on material, I may back out more often), once I'm near the other end of the blank, I either drill to my required depth and stop, then trim off the excess to reveal the hole, or I just go very slow and careful to properly cut the hole at the other end without chipping out.