wrote:
Thanks so much for the thorough reply! Maybe I'll just pick up some
Forstner bits. Some on sale at Rockler right now I think. I guess I'm
always paranoid I'll start a project and not have the tools to get it
done. Thanks for the help. I was wondrin' if I could get by with the
drill press instead of buying a dedicated mortiser.

Yes, you can definitely get by without a mortising machine. I would
recommend some chisels and some method of sharpening, though (either
waterstones or google "scary sharp"). I find it easier to round over
tenons than to square up mortises, but try both, and see what you
think.
For Forstner bits, if you want really good ones, I'd look somewhere
other than Rockler. (Lee Valley is the first place I look for most
woodworking tools (other than power tools) - they're great for bits,
accessories, hand tools, and just cool stuff. Check out leevalley.com,
request their big annual woodworking catalog, and prepare to lose a lot
of money.)
Anyway, the High Carbon Steel forstners at Rockler would be adequate,
but if you step up to High Speed Steel you'll get a longer-lasting edge
and better heat resistance. Carbide is even better. That said, I've
had a cheapo ($10) set of forstners from Harbor Freight that have
lasted a couple years now - but I'm replacing them with HSS bits from
LV as they wear out, and those are sharper and just have a better feel.
So my humble opinion would be to either spend less at HF to try out
some basic forstners, or put in a Lee Valley order to get some much
better ones. You can get a set of 7 HSS bits common sizes from LV for
$36.50 - I haven't found a need for the odd in-between sizes or the
really big ones - I think that'd be a better investment than $50 at
Rockler.
http://www.leevalley.com/wood/page.a...at=1,180,42240
Enjoy,
And don't hate me for introducing you to "tool porn",
Andy