First off, let me say that I have not had the pleasure of drilling that small of a hole that deep. We do, however, utilize Mitsubishi drills in many different applications here at our shop and they are an excellent drill!
Depending on where you are getting the feed/speed information, it can vary. If you are talking to the Mitsubishi rep or engineer, then they are probably fairly reliable. At least they are with the rep in my area. If you are getting them from the Mitsubishi book, then you will have to wing it a bit. If you use the book's values, they will work great in 303/304 stainless. 316 is a bit tougher and will probably require somewhat slower speed, and possibly a lighter feed.
As to the peck, no peck scenario... Assuming you are just drilling plain old 316/316L stainless, if you have 1800 psi through the drill in a sealed collet, go for it. That is what the drills are designed to do. You will want to spot it first, of course, using another drill of the same size and must be the same drill point angle. Ideally, you would use the shorter version of the Mitsubishi drill you are using and punch it in 1x to 3x diameter to give the 20x to 30x diameter drill a good hole to follow. If, however, you are running 316 Condition B, or implant grade 316, all I can say is good luck! Both of which eat tooling and require a significant reduction in speed. And in the case of the implant grade 316, nothing we did could break the chip so we were forced to peck. We pushed the feed rate literally to the point of exploding a drill and the chip still wouldn't break.
Now that I am done rambling, I hope that something of the above information is useful to you. If not, there's always the print it out and use it for toilet paper option!
Best of luck to you!
Mike