MOTM

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