I'm gonna have to disagree with flip-it-over suggestions. While you can get it done this way, you may need a few more boards to get it right. Unless you make a jig that will register your board in exactly same spot on either side. Your small hole is not a good enough guidence to rely on it. I know your cut does not need to be perfect, but since you seem concerned with the quality, use the backing board, which will ALWAYS give you a nice clean cut if used properly.
As for the speed of rotation, you cannot go too slow with a Forstner bit, in fact any bit except a hole saw. Your speed must be matched to material. The softer the material the faster the rotation so as to prevent tear-out on entry.
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