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Help? I need to drill 4 countersunk holes to hold 5" x 3/16" pieces of mild steel together using a drill press. I'm using #10 -24 x 3/4" Allen flat head screws and nylon lined lock nuts. Can u tell me what bits I need?

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I'm making a 5" x 12" tool rest for my belt grinder.. So I'm using a 2" x 2" x 4" piece of angle iron as the mounting bracket but iv never countersunk holes before.. I don't really know what fluted bit is right for this job.. It's pretty much a one time thing so I'm not really looking to spend $60 on a single bit.. I am on a "bit" of a budget.. But if I could get some recommendations and some advice I'd be very grateful
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