Seems like people convinced you to use a spade or forstner, but to answer your original question, yes, almost any router bit with a guide will do when used with a template. I used a 1/2" mdf to make a the button hole template, clamped that down, drilled a hole big enough for the a trim cut/pattern router bit, and routed away. This way, you will be sure that the layout of buttons is exactly the same for all players. Not have a button placement off by like .5mm, your friends wouldn't notice, but you will and it'll eat you up inside.