i use 1 1/8" paddle bit for all of my button/joystick holes. i havent tried it with laminate though. are the holes already through the wood, or are these completely new holes? if the holes are already in the wood, just not the laminate, i'd probably drill a small hole in the laminate, and then use a flush trim router bit. if they are new holes, then the paddle bit should do fine, as long as it is sharp.