You may also make friends with a Chinese supplier or someone who is willing to have a drill included in a shipment. This
is the drill available at every wholesale market:
http://www.alohapearls.com/drill.php
The usually sell for about 1000RMB, which comes out to about $130 at today's rate. If you can get it shipped "slow boat", you may be able to get it here for $25-$30.
The drill is definitely inferior to those from Stuller or A&A, however. Those drills will cost more than $1k. The Chinese drill is much quieter, but does not have the same power. The Chinese drill bits, however, are some of the best. The Chinese drill also comes with nylon and metal cups. Some feel the nylon is safer, but I prefer the metal, and if you use the right size you never need to worry about scratching the pearls.