sanddan, how thick is your table top? If it's half inch or less, you could get one of these
I have that kit to extend the range downward from the smallest (7/16") my annular cutters can do - if you're accurate with your center punch and fairly steady of hand, those will NOT completely replace a mag drill but they WILL probably let you SAVE for one a bit less painfully
Truth in advertising -
LOOK AT THE PICTURE - the 9/16" and
LARGER sizes will cut to 1/2" deep, the smaller ones just a bit over 1/4" depth.
Even so, they cut so much faster than twist drills they're worth it. It's been probably a couple YEARS since I've used a regular twist drill for anything the linked set can handle. For more $$, they also make larger sets... Steve