I have never drilled holes in a bow, but have drilled hundreds of holes in snow skis. My preferred setup is to spot the holes with a centering bit and then mill/drill them out with a 4 flute, bottom cutting carbide end mill.
Leaves a clean hole in glass, plastic, metal and wood found in a typical ski lay-up. Brad point and Forstner wood bits are better than twist bits, which are worthless, but none of them are made to abrade glass. A diamond tip abrasive bit would be best, but I have not seen one that did not have heinous runout.