If wanting a shallow Rd. hole similar to a T/Cs patch box. The proper drill bit for the job is called: Forstner Bit. But it's best used in a drill press with a jig set-up to help center your stock under the bit. Or someone with a awfully steady but strong arm & hand perhaps can get by in drilling free handed. (not the prefered way) I think their available for purchase from Lowe's, Home Depot or perhaps Harbor Freight.
"Any rifle will shoot bullets through the same hole. You just have to be able to see well enough to aim right."