Rest assured that the method that Bill Schodlatz has passed on to us is not something new he has just come up with or that it's new and untried. This method has been in use for well over one hundred years. I use a thumb tack and a piece of masking tape on my drill press table to bring the point of the drill bit to the tack, it is just a matter of shifting the table and moving the tack for the final alignment.