Text Box: I have developed a hollowing tool based on proven research.  It is fairly easy to make with basic shop equipment and a little welding.  Written instructions on how to build it are below.  I have also developed a laser guiding tool for the rig which requires more welding and a very special laser sight (available at Academy Sports) I'll provide details on that as they can be developed.
  
For a materials list, and direction, click here.
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Some photos of the tool with different cutters inserted.
 
This is the laser sight you will need for this rig
Here's a sketchup of the laser with dimensions. You can make it with stuff you buy at HD or Lowes.
 Here's a link to some of the tools which can be held in the tool for hollowing.