Are you using a fixed speed drill? I've never burnt up a HSS bit drilling CI with a variable speed drill. It's slow going but eventually ends up deep enough.
I'm using a small 12V milwaukee variable speed drill. It's the only thing small enough to fit in there.
For everyone's info, I'm also using wd40 as a lubricant/coolant.
It's good that you are asking questions like that Craig. I must confess that it feels really really weird to have such a horrible experience. I've been drilling things all my life - including cast iron. But I feel a little bit like a guy who is drilling concrete who doesn't know about hammer drills. There must be something that I don't know about drilling cast iron - but what is it?
Hopefully my carbide bits arrive today. From everything I've heard on here and elsewhere, carbide is the way to go.