Even better than Forstner bits for lathe boring are the Selfeed bits
made be Milwaukee. They bore faster, clear the chips better and tend
not to get as hot. You can also "drill" with them at a higher speed.
Shanks are hexagonal and won't slip in a drill chuck or extension.

Ted wrote:

I have seen Forstner bits sell for a wide variety of prices:

Lowes set sells for about $30.
Woodcraft has sets for about $50 up to $400.
I have also seen carbide tip sets for about $130.

What should I look for? Is carbide better or is high speed steel OK?
Is it hard to sharpen the non carbide bits?

I will be using the bits in a chuck in the tailstock of my lathe
cutting into various kinds of wood.

Thanks for any info,
Ted