How I do it.
This is just a compilation of what I learned on this and other boards.
1. Mark where you want your nose and tail holes with an awl or punch. Make a small dent.
2. Put a nail through a piece of wood. Nice and straight. (use your drill press to make a pilot hole) I use a nail that is about 1/8 in diameter. This will make it more accurate when you are repeating step 6 later.
3. Put nail/wood on drill press table (nail point pointing up) and place your lure on the nail (either end of the lure) and adjust the table height so you can fit your work just under a 1/8" drill bit installed in the chuck.
4. Remove lure. Put a 1/4" metal rod in the chuck. Needs to be long enough when mounted in the chuck that it almost touches the tip of the nail. I have several of different lengths. You can probably use threaded rod if you can not find plain metal rods. Extend the rod down to the nail. Center the nail to the end of the metal rod and clamp the nail/wood in place.
5. Remove the rod and put your drill bit in. I use 1/8".
6. Place lure on the nail on the nose or tail dent you made.
7. Drill slowly and back the bit out after every advance of 1/4" to 1/2" to clear sawdust. This will keep the bit tracking true.
8. When you drilled as far as you can from one side, flip the lure and repeat steps 6 & 7.
9. Connect the two holes using a long bit (12" telephone installers or airplane bit). Before you start this step use a piece of tape to mark on the bit how far you have to go (plus 1/2") to be in the middle of the lure. I like to start with the tail side, then do the nose side. FOLLOW THE ADVICE IN STEP 7 plus use light pressure and let the drill do the work. When coming from the nose side - remove the tape and let the drill come all the way through.
10. Ream it out several times once you have made it through.
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