I do this with drilling holes in stone as well- simply get a shallow bowl, and put a few inches of water in it (just enough to cover what you are going to drill into) and, holding the bone just under the surface, use a dremel to drill your hole.
I have a handheld dremel I use for this because I am paranoid about wall current and water, but if you’re brave, that’s on you. I’ve noticed that as long as I am using the right bits (cone bits) I don’t see much liquid spray up from the bit.
I do this with rocks as well, because some contain toxins that you just DON’T want to breathe in.
It’ll keep the bone, or shell, from stinking. The friction of the bit will burn organic materials and make an unholy stench. Using water not only traps all the powder and bone dust, but also cools off the bit so the heat doesn’t singe anything.
If you want to try this but have questions, ask away!