This reminds me of a story (as so many things do). Once long ago I was drilling carbon motor mounts for combat planes. I was getting five holes per drill bit and running out of bits. It was 11:00 PM. I knew that Adrian Barraclough would: 1) know how to sharpen drill bits, and B) be awake at 11:00 PM, so I called him. Not only did he come over and sharpen bits, but he brought along John Hart-Smith, the world authority on composite structures, who was visiting at the time.
Although you could probably drill all the holes in a set of carbon gear with one new HSS bit, you might, depending on the material, damage the material around the hole. This may not be a problem, because you should have lots of edge margin. A carbide-tipped bit is probably better. It would certainly last longer. I use carbide tapered drill-reamers I got from the Boeing surplus store. I think these are the same:
http://www.starliteindustries.com/c00400/page27.shtml . These last a long time, don't make a lot of heat, and make clean holes. Note that Starlite says to operate them at 125-150 SFPM. Assuming this is surface feet/minute, it works out to about 4,000 RPM for a 1/8" bit. I remember hearing 5,000 RPM. I use the fastest speed on my Sears drill press, which works OK. I use isopropyl alcohol for a lubricant, but I don't remember where I got that notion.