ok here is what you need to do,
Follow spog's advice, he was pretty much spot on, any drill will do use the slower speed (or the low gear), like spog said you need the correct hole corer bit, for blue stone you'd probably want the flat edged one (not the one that has all the diamond grit over it) like this http://://thk.hhttpk/online-cart-dtl.php?cid=17&sid=44&ssid=0&id=109 (the ones seamad suggested are great on softer stone but can burn out on really hard stone...I have to admit I haven't dealt with bluestone much, but I know it can be fairly hard).
Definitely use a ply template and tape it into place, the hole corer will drift all over the place at the start if you don't have the template secured in place. And don't use the hammer setting on your drill in case you were wondering about it.
or (if you're worried about doing it yourself)
Take it in to a nearby stone mason and ask one of their guys to do it for you. When I used to work at a stone place we always used to get people coming in asking to get holes drilled, we never charged but when a few bucks/quid (I was living in England at the time) was given, and told "go and buy yourself a drink", it was greatly appreciated, and I'd head straight down to the 'Bee Hive' for a pint of London Pride.