Just out of interest I thought I would see how the two centering methods I suggested in my first reply compare. Used a 3/32" stub drill held horizontal in the mill vice with 1/4" sticking out
Mill, DRO and electronic edge finder put it to 0.000 as far as the DRO accuracy will go. so set the Absolute to that
Mill, and rule was used to find ctr on the incremental setting then switched between the two to compare the difference in the two readings.
0.00019" or 0.005mm difference, this is actually the smallest increment my 5micron DRO will give. So as I said for me the ruler method is good enough 99% of the time.
And while drinking my tea I has a count up of the small cross holes ( >.250" rods) in the current hit and miss engine I'm making. I would need 9 jigs to suit the rod/hole combinations on that one model alone and for what when I can get 5micron accuracy without them better if I use the edge finder.
Maybe back in the day when all that was available was a lathe and possibly a drill press the jig was the way to go but for me at least things have moved on. A mill with DRO makes a very accurate drilling machine.
J