This study is concerned with application of numerical-experimental approach for characterizing dynamic behavior of the developed piezoelectrically excited vibration drilling tool with the aim to identify the most effective conditions of tool vibration mode control for improved cutting efficiency. 3D finite element model of the tool was created on the basis of an elastically fixed pre-twisted cantilever (standard twist drill). The model was experimentally verified and used together with tool vibration measurements in order to reveal rich dynamic behavior of the pre-twisted structure, representing a case of parametric vibrations with axial, torsional and transverse natural vibrations accompanied by the additional dynamic effects arising due to the coupling of axial and torsional deflections ((un)twisting). Numerical results combined with extensive data from interferometric, accelerometric, dynamometric and surface roughness measurements allowed to determine critical excitation frequencies and the corresponding vibration modes, which have the largest influence on the performance metrics of the vibration drilling process. The most favorable tool excitation conditions were established: inducing the axial mode of the vibration tool itself through tailoring of driving frequency enables to minimize magnitudes of surface roughness, cutting force and torque. Research results confirm the importance of the tool mode control in enhancing the effectiveness of vibration cutting tools from the viewpoint of structural dynamics.