I should work. You want to use “peck drilling” mode.
That is it drills a bit, moves up to cool and clear chips, drills a bit more, repeat.
If your cam software supports this it should be a snap. If not… 
Depending on how complex the drill pattern you might be able to hand write the gCode. Just a series of moves and up / downs. The actual hole size being determine by your drill bit.
Yep. Peck drill and go slowly, you’ll want to turn the RPMs well down for drilling, and apply a coolant by hand. Should be do-able, I’d think, just requires care.
You did not say how thick the steel is or what size the holes need to be or what spindle you have installed on your machine.
If you are talking a plate 1/4" thick and holes that are 1/4" diameter and your are using the standard spindle at .4 HP then my answer would be NO. If you are using a trim router mounted to your machine that has a min RPM of several thousand RPM then I would say NO. Drills have an ideal speed that they cut at and unless you are planning very small holes I would say NO.
You will also need to drill starter holes using a center drill so your holes will not walk off center. This means 2 runs of the program.
If this is a one off job then you would be money and time ahead taking it to a machine shop and have them drill your holes for you or if you know someone that has a CNC milling machine that can do the job for you.
Holes are not as simple as they look.
