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I have a set of Hole Saws, but I purchased them at Harbor Freight and I'm not thrilled with the sizes or that the 1" (25mm) one cracked on first use. So I purchased some Forstner bits and those are wonderful. The MDF board is a little hard, but with some patients it works well.
I should be able to use these bits to drill down into thicker wood to just the right depth. So making really nice wood boards should definitely be possible.
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I put marks and made lines every 5cm since all the miniature bases I use are in millimeter and not inches. So the board gets covered with 5mm squares, I then place a base on the board and mark the corners of where a square would fit around it, then I draw lines between them, making an X. The X is where the drill bit goes for a nice cut. I have been spacing the small bases (25-40mm) 10mm apart just for strength. Since I'll be gluing this to metal, it probably won't matter, but I want to be sure.
As you can see, besides the Ork-43 conversion I'm doing, I also have other projects that I'm trying to get done.
So much to do, so little time.