I drill down around 3/16" to 1/4" at a time when drilling acrylic. I use a ketchup bottle to put a few drops of ATF down in the hole during drilling. You'll start to hear when you need to pull the drill bit out. There will be a subtle sound change. Look at the chips when you remove the drill bit. If they have ATF on them, then you are using enough fluid. If they are dry and kind of powdery instead of stringy, then the acrylic is getting too hot and you need more fluid or you are drilling too much at a time.
Brian