I don't think the motor on the dremel would be robust enough. I dunno....maybe if you spaced out driling time so the motor doesn't get too hot. Even then, would the dremel have an adequate slow speed? Having said that, it doesn't hurt to try. I'd get the DeWalt industrial cobalt bits, though. They have the pilot tip and don't hang up in that last little bit of material as it's finalizing the hole. I've been using them on a job building a pea fowl habitat using heavy gauge steel pipe as the framing. We have to drill a lot of holes for the fasteners, and those bits do the job better than other varieties I've used....and dulled....lol! Oh, and they stay put on the round surface....not walking all over the place without having used a punch first.

ps. If there's something valuable I've learned about drilling in this job, is to not press too much into the material. Let the bit cut....don't press through. As well, try to keep the bit nice and perpendicular to the surface best you can. But, maybe you know this already