An efficient way if you don't have the tool for drilling the shaft. Know where you want your hole. Screw a regular nut on the shaft. Center punch where the nut meets the threads on the shaft but don't overdue it. This lightly locks the nut to the shaft holding it from turning while drilling. Punch the nut center of a flat. Using a cobalt bit drill though nut making sure your bit is straight so that you come out other end center of opposite flat on nut. Once you drill through the nut it will act as a guide when going through the shaft keeping the bit from walking. Keeping a pretty good pressure on the drill and low speed you will drill through the case hardened shaft. Once done remove the regular nut and install your castle nut. I have done this several times on case hardened bolts. Any drill doesn't do good on radius since they are ground to drill a flat surface.
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