I used a 3/4" Auger bit (fairly inexpensive at Lowes) in a 1/2" Hand held
drill. Worked great, but requires pretty firm control, since the bit is so
aggressive. (Bench top was about 3" thick, laminated MDF) The lead screw tends
to help drive a pretty straight hole, and chip out on the bottom was minimal.
Once again - this is a VERY aggressive bit, so slow drilling speed is needed,
along with a frim grip on the drill!

Ron