agpowder,
A place I worked at used to have a "Polygonal Hole Drilling Attachment"; it made a lot of noise but produced pretty good holes, hexagons were much better and sharper than squares which had slightly rounded corners, but I don't think that they recommended going much deeper than twice the AF distance, so that may rule it out for you.
It was made by Watts Brothers Tool Works in Wilmerding PA and I believe they're still in business, may be worth asking them if they still make them and if they can go deeper now.
I saw a CNC turning centre producing hex holes fairly recently (Dianichi, I think) using a rotary tool in a driven tooling station, so I guess that it's the same principle but without the noisy guide plate!