I have used high speed drill bits many times, using progressively larger bits for larger holes. I have also used hole saws (as for cutting an exit for a through-hull fitting for a bilge pump) and spade bits and they have all worked.
A Forstner bit probably is superior, but not necessary base on my experience.
PFD's (Life Jackets)
Reflective Hull Decals
Heel and Pegpads™
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