The traditional way (in the home shop) is to bore a hole increasingly larger with twist drills, say in 1/8” increments up to 1/2, and 1/16” after that. Assuming you have all those bits, this method doesn’t overly tax them if you slow the bigger ones down and use cutting oil. It’s pretty slow, though.
Another method is to lay out a 3/4” circle, and drill a series of 1/8” holes that almost touch around the circumference. Then enlarge opposite ones to say, 9/32 until the plug comes loose. Then you’ll have to dremel the edge of the hole smooth, or something. Don’t run a 1” bit into it unless you have a really strong drill press that will spin slow with a very slow feed, and a bit you don’t mind sacrificing. Also, you want very solid work holding, like a massive drill press vise bolted down well.
So I’m imagining this is like a karambit hole?
Parker