You can easily resharpen HSS bits, even the very small ones. Don't fuss about the correct geometry, almost anything will melt through FR4. You can just touch them against a dremel wheel or grinder at what you imagine might be the correct angle and you are good to go for another couple dozen holes. I didn't even take them out of the drill to sharpen, gives you something to hold onto.
As for carbide, they do work great in a fast running drill in a precision stand. There are several ways to make a stand using a pivoting arm or flexures. Highly recommended if you make a lot of PCBs because of the clean holes they cut.
BigClive (.com and youtube) uses carbide drills handheld, but then he has hands the size of manhole covers, and is a scot....
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