How to Use a Drill Bit on Your Tailstock's Morse Taper to ...
The spur keeps the bit feeding straight into the stock, as do the squared-up cylindrical sides of the bit. I also know woodturners who use paddle bits for the same task. One downside to the paddle bits is that their guide spur is very long by comparison to a Forstner bit, and you always need to take the length of the spur into account as you bore.
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