Gawd, I love these people with their name brand snobbery. :roll:
Go down to Sears. Get a 19.2volt EX cordless drill. You can probably find it on sale most weeks, for less than $100 (a price no name brand will touch at that voltage). It will do everything you want it to do, and do it as well as the big name brands, at 1/2 the cost. What's especially nice with this voltage drill is that Sears finally got smart, and offers these where you can buy just the tools, or just the charger & batteries, or just the batteries alone, if I remember right. Previously you could get your batteries replaced, but it would be just as costly as buying a new drill, but not any more. I think maybe someone listened to consumer complaints, FINALLY!! :Q
Anyways, I've had one of these drills for over a year, and it has more than enough power to go thru mild steel with a 3" hole saw, so it will handle your needs just fine. 🙂
As far as drill bits go, I've never been convinced that Titanium Nitride (TiN) coated bits were worthwhile. They certainly don't go thru steel any smoother than non-coated drill bits, imho, and I've done a lot of drilling, both with hand drills and drill presses, with both the coated & non-coated bits. Just remember to lubricate the drill bit, and use the proper lubrication for the metal you're drilling (WD40 works well for steel, 3-in-1 oil works well too, just about anything that's oil based......but don't use oil for stainless steel, cuz it just makes the metal harder while you're drilling it). I prefer split point drill bits myself, as you're less likely to skid around while starting the hole, even without the aid of a center punch. You can buy an inexpensive set of those at Harbor Freight, if you have one nearby.
Hope that helps! 😀