Using the swept cut feature, we have the ability to use a second body to represent the tool generating the cut.
For this to work our tool-body has to be a revolved feature using analytical geometry (i.e. lines and arcs), make sure the merge result tick box is unchecked when you create the revolve feature intially so a second body is created.
In this example using the cut-sweep feature, the silver revolved body takes on the role of the tool and will follow the blue helical curved path cutting into red "drill bit", this allows for a cut of varying depth which would be difficult to achieve any other way. Also it terminates with a blended shape rather than an abrupt planar face.
When creating the cut-sweep we want to use the Solid sweep option (bordered in red below) and where we would normally select a profile we will select the revolved tool-body.
And here is the end result:
By Chris Morrogh