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The router bit Jigman is using is called a round nose or core box bit. Do google search for that and you will find plenty of sources.
Jigman's jig looks like a good idea, but I would not rely on a spring clamp to hold the plug. The spring clamp is just not strong enough to hold the wood steady, and if that thing moves with a drill press spinning you might get a very unpleasant surprise. Might explain the chatter that Bob Thomas had problems with.
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