1. Harbor freight has a small blue drill that sells for about 10 bucks. I bought 10 of them (when they were on sale one day for 8 bucks) in a fit of madness.
2. I used the first drill (it lasted the entire job and I have never opened a second one) to put in about 50,000 drill holes for number 24 copper wire "trunnels" in a model of L' Hermione' at 1/48. The fastener head would be about 1 inch scale, so just do the math for the HSS drill and wire diameter at your reduction ratios.
3. This first drill is 5 years old and still works just fine (although I doubt I will ever put 50k holes in another model hull.
4. Do not cut the wire into short lengths. Just drill a hole, dip the wire end into CYA, push the end into the hole, cut it short and file the stub fair with the hull with needle file. The entire process is easy but laborious.
5. I used HSS drills; I doubt carbide drills will last more than a few holes. The drill diameter was about 0.02 inches; an error of 0.01", more or less, is irrelevant. The drills do not break but dull, so buy a lot.
6. I used CYA for glue, did not cut the wire into short lengths and used needle files to fair the wire with the hull. The work is tedious, but progress is steady. Corroded wire holds better than shiny wire; in either case just clean the wire with alcohol. With the CYA I used, the corroded wire would break before it would pull out.