To expand on the boring bit. Got me picking into my woodworking education and experience.
It could work. You'd need to be spinning as fast as your mill will allow. Grind the bit as thin and as sharp as you're capable with as much back rake as you can grind. Clamp sacrificial wood top and bottom so thats the wood where the hole enters and breaks through. And the plywood acts as if it's just part of the interior of a thick board.
But that wouldn't stop the boring but from chewing and tearing the fibers of the wood. That's where the back rake comes in. Metal can be sheared, but wood needs to be cut, like cutting cheese with a sharp knife rather than the edge of a spoon.
The sharper the edge and the thinner the edne, the better it will slice the chip off rather than pushing and burnishing. Wood won't burnish to a nice finish, it'll just tare.
Wood wants sharp and speed.
I'm sure that was ripe with bad grammar and spelling mistakes. Haha. I'm running on 3 hours sleep.
/End brain ramble.