It wasn't happy with the Kevlar, but the hole is cut, so I guess the bit wins.
Bosch #85911MC, 1/4" diameter x 1" cut length Upspiral straight bit. About $20 from Lowe's. It's 2-1/2" overall, so if you pull it out to cut through 2", there's not much left in the collett, and the vibration tends to make it walk out. If I can find a longer one, I'll let you know. I'm in the market for one, after I knocked the router off of the bench and shattered my bit.....
McMaster numbers:
27395A95 ($21.75): 2-flute, 2-1/2" long, the same as I used
8711A11 ($49.85): 3-flute, 3" long
3334A13 ($79.73): Diamond pattern, 2" long, specifically designed for cutting carbon
8785A24 ($14.12): Diamond pattern, 2" long, specifically designed for composites
8796A12 ($36.95): 40-grit diamond coated, 2-1/2" long, for composites and ceramics.
The last one (8796A12) is probably the best choice.