answerprancer - Appreciate you know what you are doing, I just think it's a bit unsafe to recommend a method when I / we don't know owdhamers ability / exprience or what type of wood he will be using. If it were me I would probably opt for the drill finishing method, just drilling the hole first and using and that to mark out circle.
I just know of someone who put an circular saw blade in an angle grinder to chop of a tree stump. Unfortunatley that was the last job he attemped RIP. was'nt having a go