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I use a 1/8" Milwaukee bit they sell at Home Depot. I believe its 10" but I cut it down to around 6", slap in the drill chuck on my lathe and do my holes with that. I have another 10" Milwaukee bit I leave in my hand drill and finish any through drilling that needs to be done.
I would not go crazy spending money on drill bits. Some will probably disagree. Ever since I started using the method i've described I have not been messing up blanks the way I used to.
Someone from another post said they don't use brad points. I agree with that. When I was using them I was constantly screwing up while through drilling.
The Forstner bits are good for doing eyes, and counter-sinking belly grommets. I also use a 1/2" forstner bit to make my holes for lead tail weights on my pencils.
Good luck
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