I bore out the bulk with a series of Forstner bits, going up in size in steps dependant on cutting resistance.
I then use a Home Made Boring tool to open up the remainder as you would with a metal lathe.
For ease of use and reduction of handling pressure the heavier and longer you can make it the better.
Always aim to have the cutter above the centre line, usually a natural effect of having to get clearance for the shank, catches are none existent as long as you keep cut depths within your ability to support the tool, they are not technically catches as such then, more a loss of control..
Mine was originally made with square stock I had to hand that was the same width as the tip, with just a small section relieved for clearance, In use I found I needed to relieve the width to slightly narrower than the tip.
I would estimate my tool is double the weight and stiffness of the commercial equivalent.
The square section is a real boon to holding it flat on the rest, initially I used a Gate to tool rest to stop it twisting but with experience of use I find this unnecessary now.
Tool is 600mm long with a substantial Handle to enable firm grip.
Edit:-
You can see it in typical use here