Step bit and drill press is a good way to get it started.
I've torn the crap out of headstocks with "proper sized" bits that large, no matter how slow and methodical I try to be.
If you can at least use the step to give the proper sized bit a starter hole, you can finish that way. But man, be prepared for shrapnel, chips, anger, and crying if you just start at it with anything larger than 1/2".
If you have a taper reamer and do it by hand, even better to start.
Oh, and if you can make a template with the proper sized holes, then use a router to cut out the full sized holes, that's even better. But a lot of extra work.
I've torn the crap out of headstocks with "proper sized" bits that large, no matter how slow and methodical I try to be.
If you can at least use the step to give the proper sized bit a starter hole, you can finish that way. But man, be prepared for shrapnel, chips, anger, and crying if you just start at it with anything larger than 1/2".
If you have a taper reamer and do it by hand, even better to start.
Oh, and if you can make a template with the proper sized holes, then use a router to cut out the full sized holes, that's even better. But a lot of extra work.