Andyjr1515 - thank you for the reply. I knew there were had to be some people that had confidence in doing it without a press.
recommendations for a bit brand?
afa measurement here is what I planned - fasten neck, fasten tuners, temp install nut. use a straight level set against either side of the neck to draw lines towards the bridge. measure back from the 12th fret to find the same distance on either 'side line'. that should give me a line parallel to the 12th fret at the front of the bridge, find the distance to center of the left side post from the side line - use the same distance on the right side. any advice welcome!
afa perpendicular - between you and prostheta you have me half convinced that a board is better than a drill guide. I'm seriously influenced - thank you both for that.
prostheta - thank you for the reply.
you just taught me that a pillar drill is another name for a drill press! what did you mean by 'offering up the workpiece'?
I hear ya on marking the work piece - Perhaps a better marking device is in order too. (recommend?)
afa knowing your drill - when I was younger I worked at a place making nurse stations and other cabinets. I must have drilled hundreds of thousands of 3/16 holes through 3/4 stock on edge to a depth of 1" without a guide and without breaking through. It's not the same level of precision - but you just learn to 'use the force' to know when a drill is perp. I've done the same thing making speaker cabs and such recently so... hopefully that will serve me well.
good tip on placing the guide wood at the chuck, line it up, then push it back down.
afa splinters... I figured I would mark the diameter of the hole and hit it with an exacto. also put some masking tape... but with a new bit and - like you said - let the drill do the work - I think it should be ok.
also last night I looked on craigslist for a used drill press. I did find a craftsman and a skill in 12" in my price range. I'm going to continue to think about it, but I might give in and go that route.
thank you again everyone for your responses - i do appreciate. Helping me get it right in my head.