A true masonry bit won't work as good as a good bit and correct method. If you absolutely must use one, it will work better if reshapened. 7 deg angle off the cutting edge works best usually for machining. Stock, masonry bits aren't very sharp and shaped more for scraping than cutting metal.
Stainless is more about method. The correct speed (see speed chart) for the bit diameter and lots of fluid. Not much pressure. Let the bit do the work. It'll cut through on its own time fairly easily. If drilling large holes, start small then punch it out larger. If you put too much pressure or not enough cooling, the bit gets too hot and immediately loses its edge and can also work harden what you're drilling through, making problems worse.
I use TiNi (the gold bits) and follow speed chart (mine is on the inside cover of my press) and it works great.