Just my 2 cents,
We do some polycarb where I work. Generally you want a low RPM and a feedrate that seems high and peck-drill it. Dubbing the drill would be good too. We mostly do smaller holes, though and the operator applies coolant (or water) from a spray bottle. I think maybe the way to go is drilling smaller, maybe .312" or so then follow with a .500" end mill and get some coolant on it anyway possible.
Hope this helps
Insanity "doing the same thing and expecting a different result"
Mark
www.mcoates.com