I use regular ~1/8 HSS drills. They will get dull but you can get many holes before any serious damage. No need for carbide, CF is so abrasive the carbide is not cost effective in this application. I sharpen my drills as long as the margin isn't too bad. Leave about 1/4" between holes and connect the dots with a Dremel abrasive disc. After that it's a simple matter of a belt sander or drum sander or file or.... Of course, a dust mask is mandatory.
I also use my scroll saw. As soon as the blade starts getting dull, put a piece of 1/4 balsa under the work piece exposing a fresh set of saw teeth. It will get dull again. Do the same thing with 1/2 balsa or another piece of 1/4. Kind of like shark teeth in many rows. You can cut quite a while like this, then of course, the blade is toast.