I do alot of hollow forms and, yup, I drill them out. I use forstner bits when available and will often start with a regular twist drill bit then run the forstner. This lets me set depth and helps alot with the shavings clearing and ease of penetration.
I used to use primarilly spade bits but they exert a very strong and somewhat uneven force on the piece, pulling it off the lathe sometimes.
If you don't have one already, make a steady rest to use on any piece longer than 6". Makes a huge difference in vibration and difficulty of hollowing.
And, finally, I usually hollow much more than just drilling. It makes a big difference in the feel of the vase, changing it from feeling like a block of wood to feeling more like a sculpted form. I usually taper the hollow towards the bottom, leaving a nice, solid, bottom heavy feel to the vase. Not too light, not too heavy. If it feels like the vase could be light ceramic, I've hit it about right. This also helps alot with dry arraingements not tipping.
Dietrich
P.S.(if you haven't discovered single flute metal milling bits for use with deep hollowing rigs, you're missing out. Find them at a machine shop supplier)