Confused on what kind of drill bit I need for my sheet metal project
You'll be fine with regular drill bits but make sure you run the drill at a fairly slow speed and cool the drill bit with a few drops of water or oil around/in the hole you're drilling.  These type of drill bits are made from something called high speed steel or HSS, which is fine for drilling steel unless it's high carbon steel (you'd know if it was).  You could also use a TCT (tungsten carbide tipped) drill bit, which has a harder tip. Don't use a diamond bit.