Quote:
Originally Posted by go4broke44
do you have a fence or something set up so that bit doesn't wander? I would think the chance of it walking off the end of the lure, and into your hand would be high! 
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If you use the router bit with the bearing on the end, take the allen screw and bearing off. The stub will center the bit in the nose wire hole. Just gotta be careful no matter what tool is spinning.