A large panel or tabletop should be secured in a way that allows expansion and contraction without splitting. These bits will accommodate either countersink or counterbore #8 screws. Carbide tipped.
TIP: These are router bits, not drill bits. You should be "pecking" at the slot to avoid breakage, not boring.
SCREW SLOT ROUTER BITS
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not sure what you mean by "pecking" and "boring." I have an old WL bit (#1496) similar to 813.701.11. I have found it better to use it as a drill bit, drilling multiple holes to create a slot and countersunk area. Is that what you recommend...or should I be able to move the bit laterally in the material after it's been lowered into the material?
Your method would work but running a 1/8" bit down to the bottom depth and across the desired distance. Then running the bit might be simpler. Others do peck straight down to final depth and move across the material but mostly on cnc machines.