one of the coolest things i ever saw at GARRETT CORP(airesearch) was a hard stick of waxlike substance called BOE-LUBE! developed by BOEING and was being used on various hole sizes on various parts.

stuck drill bit into wax like substance and drill away. ie. lubed the bit. worked very well. wish i could find the stuff again.

once substance wore off you pulled drill and put some more on and drill away. worked excellent.

When sharpening on a pedestal grinder try not to change the original angle on the bit. Just lightly dress the cutting edge and roll it back. Light pressure only. Take more from the outside while rolling back and avoid changing the centre... My dad is better at this than I am.....
Too much material gone changes the centre of the bit...
If you have lots of dull bits, you have lots of trial bits to get it right....

http://www.aircraftspruce.com/catalog/cspages/boelube.php

Is this the product you're referring to?

Check out www.partsmaster.com - they have bits called Cryobits, Cryotool, Cryonitride and Cryocobalt bits that last longer than any other bit. In fact, the Cryonitride will last 3 times loner than a semi-parabolic nitride, 4 times longer than a cryotreated HSS and about 10 times longer than a standard cobolt bit when drilling 316 stainless, 3/4" deep dry.

The Cryobit CBM-7 lasts twice as long as a Premium M-7 and 3 times longer than a M-42 Cobalt, 10 times longer than a premium parabolic and 100 times longer than a regular hardware bit from Lowes into 4140, 1/4" deep, 41 Rc blind cut!

The reason I know this is because I have had to reasearch this out for my book. Check out these bits - really.

"manufactured from personal care ingredients..."