Once you have a hole, you set the depth of cut by eye, then measure the diameter.
Then you can use this jig, with a set of feeler gauges to expand the hole by a set amount. Touch the floating bolt off the blade, back it off till you can fit the feeler gauge with a hint of friction, loosen the cutter, and move it forward to the bolt, tighten up and off you go.
Pretty rough and ready, but with practice you can get a hole bored to within 0.1mm, or about 4/1000" of an inch.
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