If I'm using 118 degree final drills I like using 118 degree spotting drills. I know a lot of people like using 90 degree drills but I think this prematurely wears out the final drills as they first contact the material just on the outer edges, and I've heard this is even more significant when using carbide drills.
With a 118 degree spot the depth calculation is easy:
Depth = Drill Width * 0.3
So for a .250" hole, your spot drilling depth is 0.075 .
If you decide to go with 90 spot drills, the spot depth is 1/2 the drill width.
I use the Keo HSS spot drills which are often on sale from
www.use-enco.com, they work well and last a long time.
Regarding hole location accuracy with the different types of spot drills, I remember a post where somebody did a test comparing 90, 118 spots and lathe center drills for the locational accuracy of the final drilled hole. It turns out they all worked well and all about the same, although an advantage of the 118 drill is that its quickest since it drills the least depth to make the hole the width of the final drill.
Paul T.