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I prefer a smaller size plyer for safety wiring. The 6" SK 7726 Automatic Return, Reversible Wire Twister w/ Tigerwave Cushion Throat is my favorite.
Safety wire is available in many sizes and matirials depending on application.
Most motorsport applications use stainless steel wire, 0.031" diameter. Sometimes smaller wire will be used, sometimes larger, but 0.031" is average.
Try to use a high quality splip point drill for most of your wire drilling. Good lubrication and a steady hand are critical for getting the job done.
Use a drill press or milling machine if at all possible for best results.
1/16" drills are most commonly used.
Special drilling jigs do exist or are made to make the job easier.