I use a ball rasp in my drill press. I clamp the plug to the same jig I used for center drilling on the press to keep it steady. The jig is basically a section of 2 x 4 (base) with a section of plywood on two edges that meet at the corner. The plug sits in the corner and is kept vertical. Clamp it in place. I also use one hand to help keep it steady. Pretty quick and no problems so far. I'm sure several of the other methods people have suggested would work well in this type of jig too.
Jigman
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