When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.
Use a heavy grease (like bearing grease) on the tap. It will pick up most of the shavings from that. The drill will naturally spit most of the shavings outside the pan. Just drill slowly and stop as soon as you are through.