The only problem is getting the drill vertical with the engine in the car.
Important point raised her by Cooperman.
I use an old head for doing this. Take the good head off, leave all other studs in place, remove the gasket and make one out of some thin cardboard, it only needs to have the stud holes in it, not all the others, plonk the old head on and drill away. On most holes, you can get up to a 10 mm drill bit through them, except for No. 4 on the front and no. 1 on the back, they are smaller to locate the head.
If you're willing to sacrifice the old head, you can pre-drill out the one stud hole that's to be helicoiled to the tapping size, but once you get it out to the 10 mm size, you'll find that the next drilling size will want to follow that hole once the old threads have gone. Next trick it to also tap it square,,,,