Mr. Diver -
You seem to be an inquisitive guy interested in a lot of things, so this is thrown out there from that perspective.
It probably won't help you directly unless you do get a pin router.
In the old daze before cnc , production woodworking included making a lot of parts to templates on pin routers.
In order to fine-tune the cutting circle dia to the pattern, or to "re-size" a sharpened up cutter so it continued to make the same size parts off the template, there are eccentric chucks. Many with balance features.
(Google whine/gripe/bash here..... I can no longer find images or articles on the net. Ever since Google started to use AI it has really dumbed down what search engines find - they only respond to the newest stuff out there, or the most successfully common popularly requested, and usually within the first couple hits go completely off on their own direction instead of searching the terms you actually entered. gripe, gripe, gripe.....)
Anyway, the cutters were single flute, and the chucks could be (were intended to be able to be) easily loosened, and rotated, to give + or - dia. There is usually a scale, and the manual describes the amount of dia change in a given range. I have a couple pin routers and STR one of the eccentric chucks somewhere but have not actually used it myself.
This might suggest a workable bodge for the obsessive, though: for a 1/2" collet, make/bore a reducer sleeve just slightly off center, and scribe a few witness marks on the end to align the flute of a single lip cutter. You need to add some relief to the cut angle and back of the bit to make it cut undersize. OTOH it could be made to bore a few .001's" over size, maybe even up to .010" or so. IOW, grind it undersize a little, then adjust through the eccentric feature.
However, what i do is same as Lee mentions above - just grind a common 2 fluter to the dia i need.
If it's only a couple - 5 thousandths , you can carefully hone on a good flat honing stone or diamond plate to reduce that much.
If all you are doing is drilling flat bottom holes, you could buy screw machine length/stubby drills and (freehand) re-grind the point. Such as letter D or near metric size. When re-grinding, i'd add slight spurs for a cleaner perimeter cut. Anything +/- maybe .005 shank will still grip ok in an ER 1/4" collet or similar DA collet.
smt