no it won't ruin the bit but it will probably get dull a little bit faster. I'd go a little slower as it will melt like Joe said. If you are drilling deep holes a lubricant, coolant, will help as like Joe said heat causes melting or crazing. If you don't care about the crazing, clarity, problem no biggie. Sharpen the drill with the flute edges flattened and it should cut good. Here is what I am doing at work. Got the bore to a 28 finish but had to go real slow on rpm's and feed. I used a carbide boring bar and a carbide insert. I drilled it thru undersize.
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