My favorite is Oak 3/4 to 1" Dip in oil finish hang to dry 2 or 3 coats of water based poly. Poplar also make nice ones and is a little easier cut. Takes finish well.
Best way that i have found is steam the board, lay on flat surface with the crowned side up, weight for a day or 2, when flat rip into 2.5 to 3 inch strips then glue up alternating the grains.
Unless your a lot better at following a line that me use the bit. Sometimes when we photocopy a pattern it distorts some leaving a less than round hole. The clearances are very tight on the inserts. USE THE BIT. :D :D
Here is a new one that was featured on the Steve Goods blog. The premier issue ships Dec. 3 Might be worth looking at.
http://scrollerschoicemag.wix.com/home.