salopian,
Production stocks would be drilled in a special setup for that operation and would include a jig and maybe multi diameter drills. For a "one off", I would do it in a lathe, between centers( or rather between the tailstock center and a drill in the headstock). I would use a gundrill as described, made long enough to reach over halfway through the stock. If your blank stock comes with the pistol grip end including a square section, do not cut this off or you will have a lot more work to establish the center when the pantograph's center would have been obvious. I would drill this hole first then turn the blank " end for end", as described by SKB, and drill the other end to meet the first hole. This is a preference and starting at the butt end will work also. I suggest making the gundrill long enough to start with, rather than extending a shorter one. While others would no doubt differ, I would use the slowest turning lathe( in my case, 28 rpm) and "dog" the stock by hand, so I could let it spin, if it "hangs up" .
Mike
The way I was taught to make a "gundrill" for stock work is to heat and flatten a rod (size to correct diameter), file two flutes with a channel in each side that cross each other at the center, with the leading edge of each flute doing the cutting. This type is also slow and requires clearing frequently. If you intend to use it for a lot of stocks, you could harden it.
Mike
