A rotary bit for drilling subterranean formations. The bit includes a separately-fabricated bit body and cutter support structures, the latter of which may be designed as blades, ribs, pads or otherwise, depending upon the bit style. The body and one or more cutter support structures are assembled and secured together after fabrication. Separate fabrication of the cutter support structures permits more precise cutter positioning, as well as orientation, and promotes the use of stronger and more diverse cutter affixation means. The cutter support structures may be adjustably radially movable with respect to the bit body, so as to provide the ability to fabricate bits of various gage sizes within a range using a single bit body and single size of cutter support structure.