I fabricated a long bit by welding a couple lengths of emt conduit together, tack welding a forstner bit to one end and a large spike (head first) to the other. I attached a drill to the spike-shaft and drilled out the foam. You can get through the foam in a couple of minutes (not counting fabrication time) this way.
I had trouble running fish tape through the hole in the foam, so I cut the spike and the bit off the emt conduit, shoved the conduit it back in the mast, ran the fish tape through the conduit and pulled the cable, conduit, and fish tape out all at once.
I also managed to tip over the sawhorses that the mast was sitting on during the process. This resulted in bent the spreaders.

I’d recommend avoiding this step.
BR