Hit 250 workbench pegboard holes and finally got the drill bit math right

Been building workbenches for my garage for about 4 years now. Last month I punched 250 holes into a new pegboard panel for a friend's shop. I kept using the same bit for all of them, no pilot, just straight through. About hole 180 the bit started smoking and the holes came out ragged. Took me 4 tries to figure out I needed a sharp 3/16 bit and a spacer block under the board to keep it from splitting. The surprise was how much faster and cleaner it went after that. Now I keep a spare bit in the pegboard bin so I never grab a dull one. Any of you count your holes and notice the same drop-off in quality halfway through a big sheet?

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