Thanks, Bryan, but the board is securely screwed down to the spoilboard. It's not going anywhere.
I checked the bit - it is 0.250" on the nose. If I really work at it I can make it be 0.2495" at the very tip of the bit but for all practical purposes, and for this test, it's a 1/4" bit.
I know using hardwood or acrylic would be better but until I get this a lot closer I don't want to waste good materials. Because the X and Y are very close now I need to figure out what's going on with the inside dimensions. I can slow the feed rate but I don't really think that's the issue. And going from conventional to climb (or vice versa) won't amount to the 0.020" and greater errors I'm seeing. And if the X and Y are as close as they are I don't think any error in the R&P factors in on the inside dimensions.
I have Forstner bits of the size holes I cut and I can't get those bits into the holes. I can accurately measure the Forstner bits and most are about 0.010" undersize but even at that they won't fit into the holes I'm boring, so that tells me my inside measurements aren't too far off.
David