"IF I were to end up cutting by hand, what do you recommend Jay for hogging out the mortises? Can you give me specifics such as what tools to buy where? I've seen drill bits in my web searches that cost $300-$600 dollars! I understand I would be paying for the built-in craftsmanship of the bit but aren't there cheaper bits to do the work? Those bit prices are almost as high as some of the chains for mortisers. "

Really??? All you need are single spur auger bits, google that. Do not buy 'nail eater' bits or you will be hoggging and tearing, spurs cut.