Yep, my bad, it is the radius of the circle, the main point being to measure to the outside of the bit rather than the inside or you'll get a hole that's to big. (though not twice too big).
That picture on the left shows test circles in a scrap of plywood. You can make out the screws that hold the center points of the different circles.
In the trade show industry we use 1/4-20 T nuts on most of the displays that are assembled and disassembled by various qualities of labor all over the world. The 1/4-20 is your standard, do everything bolt or screw on the crates as well. The trick to getting T nuts to stand up to that kind of abuse is a couple small screws that lock the flange down and keep it from being pushed out or spinning. PITA but that makes em almost idiot proof. This is mostly used where it will be impossible to get to the T nut after the structure is built.
I use a C clamp to push the spikes all the way into the wood, then install the screws.
That's what's on tap for this morning: mounting the 3015LF, 18Sound, horn and wave guide, and round grills. For the small grill, I just tap the plywood with a 1/4-20 tap and skip the T nuts, it's really tight in that midrange compartment. Some polyfill for damping, and wiring the 4 pole speakon inputs. Parts Express came through in less than a week.
I'm still waiting on Erse for the crossover parts.