Hole cutter, reversible to make toy wheels?

I can use a hole cutter, hopefully to cut through hardwood. But regular wood might work. There will be no hurry to make the cuts. Accuracy is important.
The outer diameter of the wooden wheels will be about 1 inch. The center hole will be 1/4" to 5/16".
Hopefully I can make both cuts while the wood is gripped firmly in place, simultaneously or one at a time.
Thanks.
--
Shopping is no problem, but if you all can give me a
recommendation please. Or other suggestions.
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Correction...
Maybe I should have said "circle cutter".
Maybe a "circle cutter attachment" is what I'm looking for.
But I need to make the inner hole accurate with the outer wheel cut.
I guess this isn't rocket science, but I want a decent one.
Thanks.
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Try a 1" hole saw with a 1/4" pilot bit.
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John Doe wrote:

I use a hole saw with a protruding drill bit center, in a drill press. To avoid tearout, cut half way through (making sure the drill bit drills all the way through) then flip over and with the drill hole as a guide cut from that side.
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On 7/1/2013 2:22 PM, John Doe wrote:

In the past, I have made wheels by cutting them out using a circle cutter or hole saw. Next you insert a carriage bolt in the center hole and a washer/nut on the other side. Chuck the bolt into your drill press and apply a rasp or sand paper to make the desired shape. Note that the carriage bolt will leave a mark on the wheel but will keep it from spinning on the bolt. Use as large a washer as practicable to minimize marking the "good" side. For those of use who are somewhat lathe challenged, this works fairly well.     mahalo,     jo4hn
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Home-made is better ... but .. Depending on what type you want ; and how many .. 15 - 20 cents apiece .. http://www.leevalley.com/en/wood/page.aspx?p2784&cat=1,250,43236
John T.
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------------------------------------------------------------ Buy a 1" dowel, center drill 1/4" to 5/16" hole as req'd for a set of wheels then cross cut as req'd for individual wheels.
Lew
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"Lew Hodgett" <sails.man1 verizon.net> wrote:

No doubt that will work for some people, but in my specific situation... The outer diameter is specific. When I say "about 1 inch", that means I don't know ahead of time what it must be.
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I'm not sure if you are asking a question but if so, perhaps this is an answer:
http://www.harborfreight.com/carbide-tip-adjustable-circle-cutter-69063.html
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plausible, and wrong." (H L Mencken)
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How about...
Some drill bit with a perpendicular (preferably thin) base.
Glue a piece of wood to the base.
Rotate the thing and cut a 1 inch hole into it for holding the dowel.
Spade bits won't center very well, though, for cutting the 1 inch hole.
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On Monday, July 1, 2013 5:05:50 PM UTC-4, John Doe wrote:

So, drill the center hole then instead of a hole saw with a pilot drill, fit a hole saw with a pilot dowel. The dowel will make a more stable center than a twist drill.
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whit3rd wrote:

Although bigger you can probably get something like this over there and cheaper. http://www.apworkshop.com.au/html_carbitool/35N-twc.html
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