Opinions will vary, but I wouldn't recommend using your drill on your Ikelite housing. There are easier ways to install an Ikelite vacuum system on your housing. There's a lot that can go wrong with a do-it-yourself drill & tap job. If you muck it up, you'll be looking at purchasing a new housing. Wouldn't it be fun to have any damage you might do appear while you're on your 'bucket list' trip?
One of the easiest ways to install an Ikelite vacuum system on an Ikelite housing is to simply remove the cold shoe from the top of the housing and install the vacuum valve in the pre-drilled & tapped hole. If you're using the cold shoe to mount a GoPro or focus light, you can relocate these types of devices on a strobe arm. There are ball mounts that permit putting the GoPro or focus light right on strobe arms.
One of the beginning underwater photographers I work with just replaced the cold shoe on his Ikelite housing with the Ikelite vacuum system. It was a very simple process. He wanted to keep all of his housing's camera controls intact.
Another option is to send your housing to the Ikelite Service Department and have them do the drilling and tapping work. This would allow you to keep all of the stock controls and cold shoe on the housing in place. The service department is excellent.
-Tinman