Yes, single flute, slow speed, and mark the step AFTER the one you want in red sharpie all around. Then you know what the last step is, it won't wear off, and I use the pilot for the next step as a deburr.
Yes, it will move off center easily, so if you want an accurately placed hole, make a guide from .063 and clamp it in position. Then be sure you walk each step to ensure it is centered.
I have a few different ones from HF - cheap but work great on aluminum.
Oh - be sure you make a test hole on scrap and measure it - some of mine were made too large and the snap bushings were not tight. I did not make them - I don't know who did (QB or previous owner). As a result, I check all holes to be sure before creating new scrap.