I've cut many of these holes, used instead of drawer pulls. The attached photos show a drawer front on a platform bed that I made 30+ years ago. To be efficient, you need 3 routers - a plunge router with a 1/4" up-spiral bit and a 1" guide bushing, a standard router with a 3/4" bowl bit (although a plunge router will let you take smaller bites or eliminate the need to reset the depth) and a trim router with a 1/4"R round-over bit. Make the template 3/8" larger all around than the finished hole size - this is the offset between the OD of the 1/4" bit and the OD of the guide bushing. Clamp the template on the BACK side of the drawer front, and use the 1/4" bit to cut the hole through the part. Leave the template clamped on, flip it over and use the trim router to cut the 1/4" round-over around the front of the hole. Flip the part back over and use the router with the bowl bit to cut a recess 3/8" deep around the hole, running the bearing on the bit against the inside of the template (this will leave an 1/8" flat between the bottom of the recess and the edge of the round-over in case you want to do the round-over last). This procedure will give you a finger pull recess when the front has been screwed to the drawer. If you want a deeper recess, use a smaller round-over bit and cut the recess right up to the edge of the radius, cutting the round-over before the recess gives you plenty of flat to run the bearing of the round-over bit, and you can take some sandpaper and break the sharp edge around the inside of the hole. If you don't have a bowl bit, a standard pattern bit will work, you just won't have the radius in the corner of the recess.