John Heisz - I Build It | Making A Forstner Bit Smaller For a Perfect Fit (and sharpening it) @JohnHeisz | Uploaded 6 years ago | Updated 3 days ago
This is the cheapest bit I could find ($13) in this size and as it turns out, the hole it makes is too big for a snug fit on the arbor bearings. It took roughly an hour of filing and drilling test holes to get it down to the perfect size.

I made a video about some of the comments on this one:
youtube.com/watch?v=rQ-WMQ15dT0

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