#39 in Twist drill bits
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Reddit mentions of Fisch Universal Forstner Bit (32mm) - Best Speed-Cutter with Center Point, 2 Cutters, 2 Spurs and Reduced Cylindrical Shank - Crafted from Tool Steel for Edge Protection - FSC-011996 - Made in Austria
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Reddit mentions: 1
We found 1 Reddit mentions of Fisch Universal Forstner Bit (32mm) - Best Speed-Cutter with Center Point, 2 Cutters, 2 Spurs and Reduced Cylindrical Shank - Crafted from Tool Steel for Edge Protection - FSC-011996 - Made in Austria. Here are the top ones.
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Clean, precise pocket holes and skip free clean cutting edgeCNC-Diamond ground and centrally ground center pointCan be re-sharpened up to 25 timesCenter point, 2 cutters, 2 spurs and reduced cylindrical shankMade in Austria
Specs:
| Height | 0.75 Inches |
| Length | 6 Inches |
| Number of items | 1 |
| Size | 32mm |
| Weight | 0.25 Pounds |
| Width | 0.75 Inches |
The tag bases are 32mm exactly (4 studs). Not the OP but I used A 1 3/8ths" bit which comes out at 35mm. It gives a little slack but it's much easier to find than 32mm if you're in the U.S (I had it already a part of a set)
To drill the flat bottom holes you need a type of bit called a Forstner bit. You can use them with a handheld drill but a drill press will get you much better results.
Here's a 32mm bit on Amazon for $5.37 (add-on item shipping): https://www.amazon.com/dp/B007G4MVKA/ref=cm_sw_r_cp_apa_MRmlzbB0EZ1CD'
Next day edit to add: You might not want to buy a 32mm bit as it'll give you a tight fit on the bases which won't make it easy to use. Amazon has a 33mm bit for $8-ish.
Here's the quick-and-dirty holder I made from a plywood scrap: http://imgur.com/yR4KEVy
Here's the space around the tag base with the 1-3/8" drill: http://imgur.com/CApTYF2