I've never seen a 5/16" drill bit with thru-coolant, not sure how they'd do that ?
I think he's just screwed, doing 10x diameter .... Unless you go to gun drilling, parabolic flute is the best I've found for deep holes. He's not saying whether he is resharpening the drills, you can get several sharpenings before the web gets so thick that it's a problem. I played with raycon point some, can't hurt to try.
Or the other way is, look into gun drilling. It's expensive to do on your own but at one time in a universe far far away, places would do it for you for pretty cheap. I never had any success with those pseudo-gundrill things that were supposed to work on a regular lathe, they were just mickeymouse crap that should have been advertised inside matchbook covers.
At .330" diameter and 3.25" deep, it's just going to be unpleasant. Name of the game.
Maybe buy in bigger lots to see if you can get a better price ? Or find the actual manufacturer instead of going through McMaster ? They probably get a better deal than you will tho.
Or buy a Walter tool grinder and make your own
edit: Just looked. If you want to try some Chinese ones, they run about $5 here in small quantities. Not sure if that would be good or bad - our experience with custom tools is, the accuracy is good but the hss is less wonderful, so longevity is not as good. Add shipping and I'm not sure you'd save much but anyhow, them's the numbers.