I tried using one of those jigs McFeely's sells that uses a vix bit in a bushing. It worked okay for one cabinet, but when I had a big batch to do, I broke down and purchased the LR32. The holes are cleaner, the whole process is much faster and more accurate, especially if you use the "true-32" system and watch Brice's videos with the parallel guides.
I'm sure you could sell it on ebay if you never need it again and get most of your money back.