Hole cutting tool, adjustable

I designed this cutting tool to make holes in the bottom of an Ikea Lack table. The holes will be for lights.
There are two zip files containing all four parts. One has the STLs and the other has Fusion 360 files(I hope the later work).
Hardware:
two 688-2RS bearings(5mm high) but 688zz will probably work just as well.
two M3x8mm screws, nuts and washers
one or two small, self-tapping wood screws (the second one insures that the hub for the bearing in the tool holder doesn't break off, but it's probably not necessary)