RE: 3/4" hole in Balsa? How?!
Draw the circle by whatever method you use - circle template, compass, etc. Use your #11 blade to cut close to the scribed line. Now use a drum sander on a Dremel tool, or a piece of sandpaper wrapped around a smaller dowel, say a 5/8", to enlarge the hole to the proper dimension.. This method will give you a very accurate hole to hand fit your dowels into. Remember, dowels are often not accurately made. Even a Forstner bit is too dull and will probably tear the soft balsa.
Dr.1