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Take the molding bits out of the table-saw molding cutter.
Remove the blade from the arm of the circle cutter.
Use a bench grinder to carve an indentation on the arm of the circle cutter that's big enough to hold a bit from the molding cutter.
Use the drill press to drill a hole into the center of the indentation (Image 1). Because you're drilling metal, you must set the drill press at a slow speed.
Drill a hole the same size through a small piece of vinyl molding. Attach the vinyl molding on top of the indentation to act as a buffer between the bit and the arm (Image 2).
Place a molding bit on top of the vinyl molding, and secure it with a nut and bolt.
Attach the circle cutter to the drill press. The circle cutter's center drill bit will act as a pivot point for cutting rosettes. If you don't want a hole in the center of the circle you're about to carve, remove the pilot bit from the circle cutter.