For drilling out spot welds, a good substitute that should work very well (since it has a flat cutting surface rather than a taper as in a conventional drill) is the Bullet point drills by Black and Decker. I think DeWalt also has them. I've seen them in Walmart.

Here's a pic:

http://www.bcae1.com/images/jpegs/plexibanddbit.jpg

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85 300D turbo pristine w 157k when purchased 167,870 July 2025
83 300 D turbo 297K runs great. SOLD!
83 240D 4 spd manual- parted out then junked