Shran
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Somehow I don't think I'd want to be trying to use your Dewalt to drill a 5/8" or 3/4" hole in steel...
I like my Milwalkee right angle drill for that, it's slow, but at least you can hold on well enough if it catches to not risk breaking your wrist....
I used my 18v DeWalt to drill anything up to 1" holes in steel for years until I got my big drill. It's unnerving the first time it tries to twist your arm around, but you get used to it. Haven't hurt myself yet.
I think I want to see photos of this old drill of yours....
My big old gear reduction drill looks pretty similar to the one below, different brand though. Same deal as Will's, it is a wild ride drilling big holes with no reverse and no speed adjustment whatsoever.
It is a little crazy at first, but drilling holes in steel with something this big is a thousand times easier/better than a smaller, faster running unit. Assuming you have a good bit, you either drill the hole or snap the bit off...it cuts so fast but runs slow enough that you never get the bit hot enough to dull it, thus much safer.