James Krenov, whose work and writings I admire, taught me how to take ordinary HSS twist drill bits and make them into high quality wood boring bits.
Master woodworker James Krenov says, "A simple way to make what we in Europe call a cabinetmaker's drill is to regrind an ordinary straight-shank metal drill. This may sound complicated but...you can easily produce drills with a sharp center spur and very sharp, clean-cutting edges." (The Fine Art of Cabinetmaking, page 133) A center spur or brad point reduces the chance of error. I use my belt sander to regrind my drills. Some supply houses are selling brad point drills in slightly under and over sizes today. Years ago I had to make my own and still do. It's much cheaper.
You can see a photograph of one resulting bit on page 31 of my free downloadable book at
The availability of number and letter sized bits has really added to the quality of my dowel joinery and I encourage anyone to try Krenov's technique. The mass produced letter sized bits are cheap and bore wood very nicely with the simple regringing Krenov suggests.
good luck
john the toymaker