I use hole saws for this. A lip the width of your hole saws teeth is plenty of support for the guide bushings and since the hole saws teeth are all at the same level it only requires you to monitor the depth of cut. I use mostly Lenox hole saws which have nicely hooked, uniform teeth. Note also the nice hole design on the sides which makes it super easy to pry out the plugs with a screwdriver.
"Living in the D" (this means Detroit!)
"It's fine to disagree with other members as long as you respect their opinions"
Last edited by Mike; 11-25-2011 at 10:15 AM.