Yes, I've done quite a few of these. Frank said, BTW, he mostly uses a thin kerf pullsaw anymore, as the thin jeweler's slitting sawblades tend to wander in the cut; I use both a Fein Multimaster w/blades I've made from slitting blades, and pullsaws.
Do you think the dremmel multi tool will work? is only about $100- usd.
How do you make that reverse forstner drill bit?
Does your finished product look like the neck was sawed off? how do you make it look good?
While I made that bit to countersink the bolts in the neck of that Brazilian rosewood B.C.Rich, there's absolutely no need to countersink them at all. You can use regular KD furniture assembly bolts, as many manufacturers do: