I need to drill a hole that is 1 1/8" in the new frame for my PK dump tractor (HERE) to put the front axle pivot pin through. The problem is that a drill bit that large will cost me at least $35! I found some step drill bits on eBay for less then half that, I would rather purchase a step drill bit since it is cheaper, and I would be able to use it more then a huge 1 1/8" bit after this one hole.
The thing I am unsure of about the step bit is, can I drill something thicker then how tall each step is? For example, if the step is 1/8" can I drill through something that is 1/4" thick? Obviously I can't if I want the hole to be the size of one of the middle steps, but if I want the hole to be the size of the largest step, can I just go right through? It would make sense to me that it would work, but I want to make sure before I buy it and it does not work.