Yeah, I figured it was overkill. Also don't know how well that tool would work on wood.
I'll ask a dumb question here - have you thought about using a mortising bit? I think the smallest I've seen is 1/4" so it's probably too big. If it was the right size then just 3 cuts with a 60 degree turn between them would do the job.
Just a random thought.
I'll answer your dumb question. A mortise bit is a square, 90 degrees each side. Turn it any angle 45 degrees, and it will make 8 points.
A hexagon is only six sides, where a octagon has 8 sides. I sure as scat hope I'm right.
When I was a young lad fresh out of the Army, I worked in a bearing manufacturing plant in Santa Ana, California. They had 4 broach machines that had what looked like long reamers that would pull through a bearing shell removing a thousandth or two off each piece. They could put 25 shells on the arbor, hit a switch, and within 2-3 seconds, those 25 shells were final sized. Each machine had an operator as it was that fast.
I've seen broaches for making Allen sockets that look like teeth nibbling away at a drilled hole making the Allen socket. Someone ought to make a video with chomp, chomp each time it takes a bite. There are others that just punch down into the drilled hole leaving the size socket required. ............ Jerry (in Tucson)