This might explain better about the sloppy hole from the pecking if using for narrower fixings.
Here's another spade bit I ground and filed down to what I think is possibly an M6 thread,
(if so, illustrates the point of the guided element of the tool, should one need be grinding one of these in somewhat of a hurry)
Looking back, I see that I have a little missing of the edge of one side, and yet it still worked very well.
Nice to have something which in my opinion is rather dependable, should you not drill too deep!
You get pretty fast at taking the bit out to check the fit of the bolt head,
and I've never had an any issue starting the cut again.
Works well in timber also, having done this with bolt on guitar neck conversion,
didn't have a lot of tools back then, and not even sure if I filed bevels onto the bottom,
I do recall some light burning, so am guessing I didn't have any bevels filed onto them.
They must play a good part in regards to timber, as every spade bit I've seen has them.