Tried it today with bit at the full 1 5/16" "depth" (it's a router table, so actually 1 5/16" above the table), which amounted to 1/32" deeper than the 1 1/4" forstner (with center brad point ground off) bores. I started with the softest wood first -African mahogany - and it worked flawlessly. Then I progressed to sapele, walnut, maple and finally white oak; all cut cleanly and easily with not a hint of grab. So I ran the other 37 pieces at a rate of about 2 minutes per; clamp workpiece into the "grabber thingie", lower center onto the bit, run once, remove and blow out chips from the fixed limiter jig, then re-run for smoothest possible cut, remove from grabber thingie.
Thanks again to all for your comments and suggestions. Now I have just 102 more to do to reach my goal of making 200 "Secret Treasure Boxes".