I decided to go for it and make my own mother of pearl inlay circles, and not by using a round bit for the drill press!!!
I got some cheap square pieces of MoP and taped some "templates" i printed out, that had the appropriate diameter.
Then i cut off most of the shape, using my dremels cut-off wheel.
With the dots roughly shaped, i perfected (well, tried to) the shape using my grinding bit of the dremel.
And here is a test fit on a scrap piece of RW:
Good enough for me!
Cheers
André Ripoll