Just for your own amusement, try using a freshly sharpened HSS bit with a sharp point and heavy relief angle, and install the ferrule with Titebond II wood glue. The good thing about HSS is that it cuts the wood much cleaner than carbide, and it can easily be ground to a shape that's ideal for the application. Those carbide bits are great for machining metal, but don't have enough relief to cut wood. It tears the wood as much as it cuts. Anyway, try the HSS and wood glue. Neither costs much so it won't be an expensive experiment, and I bet you'll be very happy with the result.