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I would like to add a little something. It depends on what welds you are doing. Some spot welds you are better off using the bit above. Some spotwelds you can drill straight through both panels. If you are working on a area that you can re-weld from the other side you can drill straight through with a regular drill bit and then just not drill a hole in your new panel. You can pretty much work both ways. In a case where welding from the other side is a pain ( example - floors ) from underneath, use a spot weld bit. Understand ?
I agree with 2bad, the best part is a regular bit is cheaper, and you can use a 1/8" pliot bit to get started with, I actually use a 9/64" pilot! I'm to rough on 1/8" pilots they break wayyy to easy! ;D