drill assist

[Moondog55]

You could use a small router and 1/4 inch bit too. depending on the thickness of the MDF/Plywood
I have thought about getting a very small router dedicated to putting in 1/8th pilot holes for the circle jig

 

[Fusor]

use a thread spool
center punch the exact spot
barely start the hole by hand
put the spool over the hole
drill straight down the center hole of the spool

 

[whgeiger]

Alternatives

- costs more than a drill press:

Drilling Jigs - Drilling - Tools - Bridge City Tool Works

Here is a less expensive alternative.

McMaster-Carr

Or just buy some drill bushings and make your own from a small block of wood using a friend’s drill press one time. N.B., also use the drill press to press the bushing into a slightly smaller hole drilled into the block.

McMaster-Carr

To drill holes to the center of a wide panel using a drill press, a radial arm type would be needed. They are much more expensive than one you have in mind.

Regards,

WHG