The flat blade bits are surprisingly efficient when cutting wood, though they don't take kindly to directional alterations during the cut, like some trick Forstner bits can do.
I am a bit wary of the flat blades because at times, in a hand drill, things have gone violently wrong. One grabbed and tried to wrench my arm off (Makita on full torque). Another gyrated madly, and injured an electrical cable in the house power wiring, in amid ceiling joists. I have once inadvertently drawn blood. One has to be very firm, steady, and careful if using them.
BTW - I think you can get advantage in cutting plastics if the stuff is first put in the freezer.
In passing, I have recently bought my first iGaging product - the OriginCal Absolute Origin Encoder with SPC/USB data output caliper, though I have no idea (yet) how to connect and use the latter. Seeing the iGaging DRO kit hooked up to your lathe prompts me to ask what you think of it, and how you find it to use.