Agree with you Jim on the step drill. They can be a bugger when drilling for an nmo mount. Long time ago, what I did to make sure I didn't go pass the 3/4 cutter, I use a magic marker to mark the next larger hole. But as you suggested tape works just as well.
My self, I like using 3/4" hole saw.
edit:
That one that The Antenna Farm has that ohiohonda linked to; For the price it seems high, BUT
if you'll be doing several or more hole cuts, it's worth the extra money.
The big advantage is that your bit will go through what looks like about a 3/4 depth or there about. I like that feature.