A general rule of thumb regarding drill depth is to keep depth of holes to less than 10x the drill diameter to avoid significant wandering. Drilling holes in hardened steel requires significant force to make the cut. The tip of the drill doesn't cut well. For this reason, pilot holes are drilled first as the cutting forces are less for the smaller drill. This is especially important on a small lathe where there is a lack of available force and there is a small amount of power to do the cutting. Unfortunately, a first drilling a pilot hole means an even worse depth to diameter ratio.
Ideally, this is a job for a bigger lathe but given the lathes you are considering, here is how I would approach it. I would drill a pilot hole to about 10x the drill diameter probably using a 3mm drill. Then I would drill with a 5mm drill to slightly less depth of the pilot hole. This will give you a starting hole for the next operation, Repeat the process until you reach the full depth of the hole. Next, if you have a suitable boring bar, bore the hole to the final 5.5mm diameter. Then bore the hole to the diameter and 76mm depth using several passes. If you don't have a suitable boring bar, drill to final diameters.
Note that a boring bar capable of boring a 5.5mm hole to 100mm depth will be extremely flexible and prone to chatter. Carbide would be the best choice for this because of its superior stiffness. Even so, it is a daunting task.