Not much. The factory pin was installed by flaring one end, rivet-style. This is the end you'll "drill out", by which what you're really doing is removing enough metal to remove the flared portion of the pin.
Sort of like this.
Now, the cas cap hinge pins are pretty small and the flared area is pretty thin, so I've found that you don't really need to drill all that deep, not even deep enough to separate the flared material, just enough to weaken it. Then, as you drive the pin through the hole (I use a spring-powered center punch) the flared edges will tend to fold back in as you push the pin out.
If you're really lucky, you can get the pin out with enough material left on it to reinstall it and re-flare it. Replacement pins are out there, though, or you could replace with small threaded hardware, so you don't necessarily need to be this careful, but still it's possible.
The one reason why you might need a long drill bit is so that you can get at the pin at a good angle, if your drill's body hits the tank when you try to get at the pin.
mystic_1