Josh,
Most of the cabint shop machines are rated at 4000 rpms at the lowest, but torque is lost as you go down. So don't know if you could turn the forstner bit and cut effectively at that rpm/torque. I would bet that an interperloted (pocketed) hole would potentially be faster.
Josh, we run a program in which we use a regular run-of-the-mill 3/8" drill bit to drill holes through plastic. I run it at either 3000 or 3500 RPM (can't remember which right now) and it does just fine. Just be mindful of the plunge speed, and I'd be willing to bet a forstner bit would work fine at 3000-4000 RPM, which is what most hand-held drills run at.