Because of market competition, you won't go wrong most of the time if you go by price as a guide to quality when buying tools. If you're pondering whether to buy the $100 or $200 tool, go with the more expensive. Quality tools are a joy to work with and, properly adjusted, they will produce superior results. Also, it's less expensive to buy a quality tool the first time than to replace a lesser tool with a better one later on.
When drilling blind holes in iron or steel, fine metal bits usually fall into the hole. To remove them, you can use a strong magnet and a soft iron or steel rod that is smaller in diameter than the hole. Push the rod to the hole bottom, then press the magnet to its upper end. Keeping the magnet to the rod, pull it out of the hole and brush away the bits of metal. Repeat until all of the metal bits are removed.