I have a Stewmac template and can tell you that it works much better for me to line the template with tape (4-6 layers of masking tape) then to wrap the bit. I find that the tape will not stay on the bearing and your are bound to make a mistake.
NOTE: Masking tape comes in a variety of thicknesses. Do not assume that one wrap for one person will work for you! Only trial and error will get you where you need to be, so break out the scrap wood.
Now if only Stewmac had made a STANDARD sized Fender jig, rather than being a little too cool for their own good, we wouldn't be having this conversation!