If you wanted to drill out a small number of rivets and it's made of a nice hard steel and you made it round, maybe, otherwise I'd skip it. The drill bit could catch in it and spin it which could hurt your fingers or the bit may wear the 1/8" hole leaving your hole off centre. If you can use a #30 bit rather than a 1/8" you'll find life easier, especially when it comes to riveting; a 1/8" rivet requires a #30 drilled hole. A drill stop is also a nice add-on, normally less than a $ but you could just wrap tape if it works for you. Nice idea though. :-)
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1960 Sovereign 33' Pacific Railroad Custom
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