For what it's worth.
I just completed cutting two sets of the dragonfly ornaments; 1/8 inch hardwood, stack of four (total of 1/2"), FD Polar blade 2/0, pilot hole #71 drill bit (.025"). One layer took 40 minutes, 4 took 55 minutes. I've cut sliding dovetails in 1 1/2 purple heart ( lid for a box ) using FD Polar #1 blades ( pilot hole #65, .035" ) . I routinely cut 3/4" poplar with a FD Polar #1 blade to make the name with a rose pieces.
The biggest problem I've had is finding a small drill bit with the length needed to go all the way through ( that 1/2" thick for the dragonflies is about the limit for the drill bit ). Your other concern will be for a drill bit that won't deflect when it hits a piece of dense wood ( knot, or pin knot ). My preference there is a cobalt alloy bit, available as a special order from the Home Depot. These bits have the least sideways deflection and you would have to heat them to 1000 degrees to lose the temper. I set my drill press to the highest speed ( 3500 ) when drilling the tiny holes, it helps keep a clean exit hole.
Here are some fairly detailed ornaments, stack cut, 3 1/4 inch poplar boards, FD Polar #!, #65 drill bit ( .035" )