A lot of what we do in the workshop, is work out solutions to particular problems and derive satisfaction from this. What the OP has done is produce quite an elegant solution in the form of hole cutter. What snookered him from the start, was the non standard size of the hole and the fact that it has to be an exact fit for the bearing.
I would also have used a template and a router to accomplish the task,( along with a bit of experimentation). In which case, the only difference would be that I had another template to add to my store, rather than another hole cutter.
With all the other posts in this thread, I'm sure that any novice following it should be able to see the bigger picture, and know that it is just one of many different solutions. The route we choose to go down depends on the confidence ( or not) that we have in our own abilities and the tools and equipment that we have to hand. This will undoubtedly have an effect on the solutions we choose.