You'd really want about half that... about 2000RPM for small holes in Al. Most rivets are in the 1/8th range and don't need to be super fast. When I went through A&P classes we used the same 800/1200RPM pneumatic drill for Al and steel. A drill press is adjustable, most hand held pneumatic are not (although some do have hi/lo settings). I am currently using a HF 1/2 pneumatic drill to take out rivets and at 800RPM not having any issues.