The trick with using a Forstner bit or a router bit will be finding one that happens to be .886" As suggested above, you could regrind a spade bit to do the job and you don't need ant special tools to do it. Even a file would work if you have the patience. If going the spade bit route, there would be some benefit in putting a round piece of ,say 3/8 stock on over the little pointy end. Then drill a 3/8 hole first and use that to pilot the bit. Otherwise it's likely to dance around a lot and not give you the shape or size you were hoping for. If using this aprroach make the bit as short as possible and run it very slowly with some lube (wd-40). The adjustable fly cutter suggested above is also an approach that would alow you to adjust the hole diameter 'til you get what you want. It will cut a groove. so you'll have to clean out the middle but that's not dimensionally too critical so you could even do it with a dremel or similar. A carbide router bit smaller than the hole could also be used with a circlular template, They work pretty well for aluminum. One potential advantage of the spade bit or the flycutter appraoch is that, if you're doing two plates, you can clamp them together and drill the pilot holes in both at once That way, at least the plates will be the same which is often more important than correctness. Despite the "score" on the bearings you might also want to consider just using flanged oilites thay just go into a through hole in the plate. A bit more friction than the ball bearings but a whole lot simpler to do.