In a CNC machine I would use a 5/16 end mill and spiral drill, that way you can do the whole job without a tool change. Or, use a G73 or G83 peck drill cycle about 1/8 inch per peck. In aluminum the G83 is probably the best because of the full retract. 135° split point drill is my favorite, about 5 IPM, 300 - 400ish RPM. WD40 is a good choice.