You can only use a drill bit for the material if the drill bit is made of carbon steel but today most drill bits are HSS (high speed steel) this requires far higher temperatures to anneal and harden, you will be more successful if you purchase a length of drill rod (in Brit land we all this "Silver Steel") close to the largest diameter you require.
How red is red when we talk about temperature, you should always judge this in subdued lighting. One of the biggest sunrises I ever had was when I visited the Blacksmith and Farrier school here in Salisbury. It was extremely dark with just the light from the forges, so as to be able to accurately determine the temperature of the metal by its colour.
