Seems like it has a pretty good chance of working. You speak of "inserts." What are you using for the main body of the drill and how are you going to attach the inserts?
You'll need to use pretty good steel for the body of the drill. I think "mild steel" would bend the first time you tried to use the drill.
You may be able to use something like pre-heat-treated 4140 for the body and shaft. That ought to stand up to the cutting force without turning into a pretzel.
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