Good Morning Rainman! You have the correct idea! Depending on how thick Your table is,Your first cut would be with the hole with the large collar. This would cut through the table with succeesive cuts. Then with the small collar, using the same bit, to dut the ledge for the plate to rest on. Consider using a glue gun to but some bracing across the cut-out to hold the scrap in plsce. This gives You a bace to rest the collar on the waste side. I think I have it correct. I can not go to My bacement to check My theroy out , but this should work! Have a Great day!
John 3:16 Please fill out your profile, It helps us to know you better