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Just screw two short pieces of wood together at a 90* angle. Place your bit onto the wood to be bored, (centered on the hole location), and slide the jig up against the bit. Adjust the drill so the bit touches two sides of the 90* jig at both the top and bottom of the jig, then holding the jig tightly against the wood to be drilled and drill the hole keeping the bit touching the two sides of the top of the jig. This will keep the bit perpendicular to the workpiece.
Another alternate would be to cut about a 2" length of aluminum angle, (making sure the cut is 90* to the length on BOTH of the angles sides, stand it on end with the freshly cut square ends on the workpiece and use it the same way as mentioned above. The angle would be best if it was about 1 1/2" x 1 1/2" Angle or better.
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I agree with Dan, that Bridge City stuff is fantastic but entirely out of range for me. I view that site to get ideas for jigs.
For the drilling task in question, I have a set of wooden blocks that I use for guides with my hand drill. I did use a drill press to create them but there must be a way that could be arranged.
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Drill Stand
How about a drill stand such as:
http://www.tooled-up.com/Product.asp?PID=106483
On the other hand I bought a Casals drill press for not very much more.
A possible problem with a drill stand is that the column may not be rigid enough to resist bending
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A recent tip in Woodworking is to use a saddle square (Lee Valley) and stand it on its side. You then use the inside corner of the square to provide guidance for your bit in two directions. You could do the same thing with a hinge at 90 degrees standing on its side.