Re: Whhat drill for deep holes in wood?
Thanks for both your suggestions.
Don't really care for the "cleanliness" of the hole, so that's not an important factor.
DO I need cooling of any type? I guess no, as it's wood, but I also know a spade drill can get hot as fu(k when working it hard, playing havoc with the cutting edge.
What would be the advantage of an auger bit over a brad point bit?
Auger bit (usually) self feeds. That little screw point on the tip of the auger bit pulls the bit in as it turns.
Auger bits can leave a rather rough hole.
For 'decent' general purpose holes in wood, I'd reach for a brad point bit almost every time. A 'regular' length brad point bit in 5/8" or 3/4" should just make it through your specified 5" thick workpiece. Or you can get the 'long' length bits, which in those diameters will usually be ~10-12" long.
http://wlfuller.com/html/long_length_brad.html
http://www.mlcswoodworking.com/shopsite_sc/store/html/smarthtml/pages/drlbrad.html
As to cooling, any bit can get hot when used. Let the bit do the work, back it out as needed to remove 'swarf' (wood, in this case) and make your holes. Done.
No 'coolant' generally needed. A 'spray' of compressed air might help blow the wood chips out of the way (might be good or bad, depending on where the chips end up blowing into

).
Don't use cutting oil when drilling in wood.
If you wanted flat-bottom (mostly) blind holes, or overlapping holes, or pretty smooth holes, a Forstner bit would be the one to generally use. As mentioned, you have to back-out a Forstner bit much more often to clear the chips as you drill. For a 5" deep hole (might also need a 'shaft extension' for those depths) with those diameter bits (5/8" or 3/4"), I'd say you'd probably have to back out the bit about 5 times or so per hole (roughly once every rim depth of the bit). But you said you don't want/need 'clean' holes, so I wouldn't reach for the Forstner bit here.
Brad point bit. IMHO.