Wasn't sure if you were asking or telling but this does the job - http://www.cleavelandtool.com/Rivet-Removal-Tool/productinfo/RRT4/
That is for dome head bucked rivets. Are you saying it works for pop rivets too?
I use a center punch to drive the mandrel, but only to where it's low enough that the drill won't touch it, then drill just to pop off the head. Use the centerpunch again to push the mandrel out the bottom. Too easy.
Always use a backup block on the mandrel side to prevent distorting the workpiece.