Drilling Holes in Truck Hitch Rack - Thick Steel - DIY or Take Somewhere?

I recently picked up a Kuat Pivot hitch swing.  Basically, it's a hitch attachment that slide in my 2" hitch, then allow my bike rack to swing out of the way, giving me access to my tailgate. 

The problem is, it sticks out...alot. On my 18' truck with bike rack attached, it sticks out another 4'. Kuat designed the Pivot to fit hitches that sit further inboard than my truck. My hitch sits practically even with the bumper - no interference issues here. 

One thing that could help is to allow the "Pivot" to fit tighter to the bumper - something that would require drilling a new pin hole about 6" further out on the attachment. I could probably do the same with my rack. This would pull the bike rack in much closer to the truck. I'm not too worried about this impacting the structural integrity of the Pivot attachment - I'm not towing, and this is really thick steel.

Thing is, I don't have a drill press and this is seriously metal...er serious metal. It's thick stuff. 

Can I do this with a battery drill and quality bit, just slowly? Or should I take it someplace with a drill press?

A good sharp bit will eat through 1/4" mild steel pretty easily.  The accuracy of your drilling may be relevant, but with care should be fine.  I'd say go for it if you don't have a neighbor or local friend with a drill press.  Just don't blame me if you muck it up!

Mark it, center punch, start with 1/8" drill bit, work your way up to final size.  Hand drill just takes more effort and time.

You can handle this at home with a hand drill motor. Start with a small drill bit for a pilot hole. The step up to a bit that is ~1/2 way to your final hole size, then again at the final hole size. Slow the drill speed down as the holes get bigger, and use a cutting fluid to keep the tip of the bit from over heating. If you hear squealing, you are running the drill too fast or you have worn out the cutting edge.

I have a crappy HF drill press you're welcome to come use! 

Hand drill is fine, center punch and work up in bit sizes. 

Use cutting oil.  But that isn’t too thick of steel.  You’d be fine.   Just ease up on the pressure as you break through. Especially with the larger bits. 

And do each side separately - don’t finish one side and just push through to do the other - it won’t be square. 

Lastly, you could use a unibit. Especially if the largest size is the size you need.  Doubt it?  I used one to drill three holes in 3/4” steel plate. It worked quite well.  Not better than proper bits but it worked 

Unibit? You mean like a stepped bit? 

Also - suggestions for a good brand of drill bit that won't break the bank?

If you're only talking 2 holes here, a mid-tier bit from Lowe's will be fine.  Even a HF set will not have problems for 2 holes.  Use cutting fluid.

I've done this exact same operation with a hand drill and Irwin Carbide bits from Lowes, it was even for a bike rack adapter. Like the guys said, measure each side carefully, center punch, 1/8" bit, and then work up to size. I think I did 1/8, 3/8, 33/64. 

Also consider a hitch stabilizer like THIS if the swingaway doesn't have a provision to keep it stable. I was not ok with the amount of movement my expensive bikes had after adding an adapter to the hitch.