Hi Alan
A different perspective ?
I am not fortunate enough to have a CNC machine so do most of my stuff using jigs, with your equipment you could make a very accurate jig from MDF with it bored @ your required locations to suite a router guide bush,variable speed router would allow you to dial in the required speed and i can see no reason why 2 or 3 plunges should not complete a drilling(plus you can feel how it's cutting. would go with the bit that Dean suggested earlier as i think you need it scribing on breakthrough to try and negate breakout.
regards
Mike