I just got some free I beams and don't want to spend 100 to 200 bucks on renting a mag drill … so could I do with a regular drill and a handful of drill bits
Drill a pilot hole, 3/16 to 1/4 first. Then drill your larger hole at a very slow speed. Slow speed is the key, and of course, use oil. I usually use "Rapid Tap" it is a very good machining oil. Also, if you don't know how, learn how to sharpen a drill bit. Keep them cool, and sharp. With that said, you will have no problem and it will go way faster than you think....