If you have an adjustable countersink bit (like the ones from Insty-Bit), you can loosen the set screw and pull the collar off, then flip it around so the flat side is facing the work. Tighten it where needed to limit your bit travel to the desired depth. –Brian MacAllister
Here are some supplies and tools we find essential in our everyday work around the shop. We may receive a commission from sales referred by our links; however, we have carefully selected these products for their usefulness and quality.