Reply by ScottM

Are you looking for efficiency or speed? If you get to basics, the hole saw would be the most efficient since it will only be cutting the outside diameter. Spade bits can make a real mess of plywood so I would be hesitant to use that one. Forstner bits will give you the best end result; smooth hole edges.

So I guess it depends on what the results need to look like. A 1” hole isn’t that big so I would flip a coin between the hole saw and forstner bit.