I stumbled over something kind of wonderful in the clearance bin at a sporting goods store. This gizmo is sold to clear out the paint that blocks the eye in fishing jigs, but it works GREAT for making holes in pendants!
Excuse the nasty mess of a pendant - my torch froze just as I started encasing a jellyfish (note to self, do the big complicated piece FIRST in the session, not last...)
No idea if there are more of them out there, or if they've been discontinued - I bought the only one at the store I found it in - but worth looking around!