Mx, The machine recommendations look OK,
Very slow speed, I have drilled literally thousands of holes in stainless manufacturing food equipment in australia would you believe. make sure you use rocol or similar cutting paste every 10 holes on the drill, also a drop of soluble cutting oil/coolant on each hole, you can get a drill to last a long time even on stainless.
Also make sure that the drill bites into the stainless and you get swarfe coming off or at least shavings, you don't want polish the stainless while drilling as it work hardens.
Do not use a std centre punch as this also work hardens the SS, i use a centre punch sharpened with 4 flats on it if at all, sort of like a phillips head screwdriver or a jig plate clamped to the job.
I did a SS cable balustrade for my last house, kept me busy for a while, what grade SS you considering and where do you live?
Brett