I may have just been lucky but I made my spade bit with a Dremel (copy) freehand. It works nicely and I didn't sharpen it any more after I'd ground it down to the right shape. I was careful trying to maintain the angle of the bit's cutting edge as it was originally, and to do it in a symmetrical way on both sides (you can check the images of before, during and after grinding in my gallery) and here's the result:
As I said it might have been a one-shot, but well ... fools rush in where angels fear to tread
Oh, and I did keep that little point in the middle, it prevents the bit from wobbling, and in the end it drills down into the other hole where I hold a small metal bar during the drilling operationso that I can feel when the drill has come just the right amount down into it.