Thanks for all of the helpful advice.
I had actually given a quick try at this already with a spade bit and an anemic corded drill and was afraid that I wouldn't live long enough to finish all of the holes. I'll definitely buy an auger bit.
I was already thinking about the electric shock hazard (esp. for the two poles which are not adjacent to the dock). The pneumatic drill sounds like a good idea, but I don't presently own one. Hey, perhaps this is a good excuse to buy another tool!! Is a high speed drill, or a low speed (higher torque) drill more appropriate for this task (I'm a novice at at this)?
I already own an assortment of air wrenches (ratchet and impact); it seems a shame that I couldn't somehow easily adapt one of these.
Thank-you!