It would be! That’s how I’d do it.
Aha – looking at your two photos you have an appropriate drilling-machine, angle-plates and clamp-set.
Clamp the tube in the corner formed by an angle-plate and the drill-table, with a thick sacrificial pad under the tube and the drill’s depth-stop set so you don’t damage the table.
Scraps of old laminated-chipboard make good pads for work like this. You may anyway need fairly deep packing so the drill will go right through the tube without the chuck hitting the angle-plate. I do a sort of dummy run with the work-piece out of the way and machine off, to verify such clearances.
Another approach:
Unless the table rim is too high to allow this (it will be on some drilling-machines) you might be able to use one of the table Tee-slots as a sort of Vee-block, with the drill centred in the slot with healthy clearance around it, and again with the depth-stop set so you don’t drill into the slot floor. This will depend heavily on how much you can move the table and head around the column, relatively to each other.
If this set-up is feasible, I would suggest making a bridge-clamp to take the studs etc you have, because you will need clamp from the slots quite a way from the tube.
I have done this by screwing or bolting two lengths of batten together, using about four fastenings with appropriate spacers; the wood edge-on such that the load is onto the width rather than thickness, for the more rigid configuration of the wood. Effectively it produces a clamp with very long slots for plenty of fitting, using two studs etc., spanning the tube at the clamp’s mid-point. Tighten the nuts gently and evenly, keeping the battens level.
A shallow Vee-notch cut in the battens will make the set-up a bit more secure and spread the clamping-load on the tube slightly.
It is a wise idea to support the inside of the tube if thin-walled, with a wooden plug. This, if of such a length that the drill goes though it, slightly reduces the risk of the drill snagging as it breaks though the metal – but the inevitable burr may make it hard to remove!