Just so there is no confusion, I found the actual name of the type of bit I
was talking about. It's a UniBit. Pictured here at Amazon:
http://www.amazon.com/exec/obidos/tg/detail/-/B00004THZ0/qid=1059768008/sr=1-2/ref=sr_1_2_etk-tools/102-0259128-8936164?v=glance&s=hi&n=228013
I believe I paid about half that price at Lowe's hardware. And it self-deburs
the front of your hole. Just turn your panel over and hit it lightly with
the bit to debur the back of the hole.
-Elhardt