I'd have thought it would be okay. I bought one the other day (at least I think it was a diamond core bit!) It has four teeth at the end and slots up the shaft. I was told to use it only on normal spinning as opposed to the hammer setting as the hammer action will destroy the bit.
To make my hole I started with my battery drill and the hard work was done with a heavy duty chisel type drill. Took me ages but at least it was quite a round hole and all my equipment is still useable.
Please excuse my amateur response, but I'm better at sticking pipes together than making holes!