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I did a little research into this when I began making knives. You can find charts online easily that show recommended RPMs for different size bits and the material being drilled. I had not heard that different bits (cobalt vs HSS for example) should be used at different RPMs....just the size and the material dictating the speed.
I've been doing the same as Ray and Ed...without anyone telling me. ie...running at the slowest setting for everything. Why? Because I am too lazy to take the time to change the RPMs! ha ha! It has worked well for me....going slow all the time. My experience, tho, when it comes to small holes drilling into wood or G10, 1/8" for example (and under), the faster setting is best. I do the same thing Ed does with the "tap drilling" on every material. But for me, it "feels" better running fast thru wood and G10 and the like with smaller bits. With that said....I don't bother changing it.
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