The speed in rpm's needs to be a function of a bunch of things. First off, machinists talk about cutter speed. That means how fast the cutting edge is going through the metal. As the bit gets larger you have to slow down. With a small bit, you need to speed up. Secondly, you need to know how hard the metal you are trying to drill through. If it is soft, you can handle a faster speed. If it is hard, you may need to slow way down.
The single biggest problem I find with drilling problems is turning the bit too fast. It causes it to heat up and in just a couple of seconds you can dull a bit.
The second biggest problem is keeping the bit lubricated. The same lubricant isn't for every type of metal. For instance, on cast or forged steel, you want to use a thick Sulphur based lube. With aluminum, you can get by with a much thinner lube. Some machinists will use WD40.
The third biggest problem is the type of bit you are using. There are a ton of variations here. Don't use the TIN (gold) drill bits in aluminum. The aluminum tends to stick to the drill and gum up everything. In iron and steel, the angle of the bit can impact the quality of the hole. Some bits are not designed to drill a blind hole where there was no predrilling.
My favorite all around bits are sometimes called step bits, not the ones that look like Christmas trees. There is another name for them but I can't remember it at the moment. DeWalt has them and they tend to drill a ton faster and cleaner. They look like a normal drill but if you are drilling a .5" hole, when you look at the bit, it has what appears to be a smaller diameter bit at the end, then it jumps up to the .5" diameter.