I tried the square verses V carbide tip drills. I used two brand new matching drills but ground the tip of one so it was square. I sharpened both. The included angle of the two tips may have not matched just right. A small included angle should drill faster but be more susceptible to dulling and chipping.
First, I bought a new hammer. Seems to be military surplus. Finish is rough but seems to be very well made. It looks like a copy of the BD hammer but the handle has a round wedge instead of the flat one BD uses. Also, the handle and side plates are set in what appears to be epoxy. I think the $50 I paid was good but sadly, there are no more to be had.
The two tips before drilling:
The square one wanted to drill a triangular "Wankel hole" to start but the hole got round as it got deeper.
The square one drilled slower than the V-tip until the square one blew a tip and then it went very much slower.
I think the square tip is a bad idea for carbide since carbide is so brittle. The square corner is probably too prone to chipping off. I'll be sticking with the standard V-tips for carbide.
I don't know if a square HSS bit drills faster than a standard carbide. Somebody will have to come by Merrick Laboratories with their HSS drills to run some tests someday.