An adjustable drill has a drill body having a face surface with a directional feature provided therewith. At least one cartridge is mounted adjacent the face surface and selectively slidable along the directional feature to provide adjustment. At least one insert is releasably affixed in an insert pocket provided in the cartridge. In further examples, the adjustable drill may have a central cutting system in combination with the adjustable cartridge type system, wherein the central cutting system may be modular. There may also be provided a modular type of holder arrangement to provide flexibility to adapt the system for various applications.