So a forstner does not cut a perfect circle, then?
Forstner bits cut very good circles. The difficulty with the sanding idea is that the bit itself is not a continuous circle so it would be almost impossible to sand down and for it to remain round just by freehand pressing something onto it.
I did find one 37mm one, by Famag, but it appears to be discontinued, limited stock:
https://www.famagtool.co.uk/famag-b...yed-tool-steel-long-version-37mm-fam162303700
This image, from Tormek, shows a possibility. Replace the carving knife with the Forstner bit and leave the clamp only snug. Rotate the bit slowly as the wheel grinds it down.
You could rig up a holder for the bit and use a bench grinder or belt sander to reduce its diameter. You just need a sure-fire way of controlling its distance from the abrasive. That could be as simple as a stop block with multiple layers of masking tape totalling 1/2mm in the beginning. Push against stop, rotate and grind until sparks stop, remove one layer of tape and repeat until all tape is gone.