May try a finishing end mill ,one with 4 flutes would cut smooth, but for the cost probably better off with the forstner, speed of drilling could be an issue,I know with metal the smaller the drill bit the faster the rpm needs to be,large bits the rpm's need to be slower, pre drill your hole with a smaller diameter first ,If your finished hole is 1/4 " go in first with 1/8" it might help ,get a scrap piece of whatever material you use and experiment!