Unless this is a rather small item, consider making your mortises wider than your Forstner bit. As far as straight drilling goes, do you have a drill press that swivels to drill next to a good wood vise? It's hard to beat the accuracy of a well-mounted vise, and a little shimming will keep the wood in the right place for through drilling. If there are lots of pieces to be pierced, replace the stationary wood jaw with a customized one of the correct thickness.
For deep holes, an auger bit is nearly as accurate as a Forstner, and the chips clear easier. If you really want
1/4" mortise, consider an undersized (7/32"? ) brad point drill bit.----------------- I am making 1/4" wide and 1/4" deep mortises in a leg that is 7/8" square. I can not move my drill press to a vise. Before I started this project I experimented with twist drills and brad point drills as well as forstner bits. Each was 1/4". I didn't try a smaller drill bit. That is actually a good idea as it leaves me totally in control of the edges of the mortise with my chisel. I am making a set of stacking tables. Each table has 4 legs (naturally) and each leg has 2 or 4 mortises. I am finishing up tenons tomorrow (I hope) on the first table. When I start the next set of legs I will experiment on some scrap with an undersized brad point bit to see how that works for doing my mortises. Thanks for the suggestion.
Dick