Select the proper drill bit and guide for the diameter of the rivet. D for ¼ rivet, #13 for 3/16 rivet, #21 for 5/32 rivet, and #41 for 3/32 rivet. Place the large end of the foot on head of rivet, making sure there is no side-to-side movement. Hold with two fingers on the red part of the guide. Press down so that foot makes contact with surface around rivet head. With drill in other hand, dip drill bit into Boelube 70104. Insert drill bit into small end of guide and drill.
You should not have to drill much past the thickness of the head of the rivet. Then pull drill bit out of guide and with punch and hammer, a little effort should pop the tail out ad rivet head should fall off and leave a nice clean hole.