Lou: Well, fer one thin, ye could use the old hand drill instead of buying a drill press.
A drill press only drills as good as the Set Up.
Actually, I'm sure you know how it works, but there may be others who are really wondering how to use it.
The following is my take on the process.
What does it really do? It aims the drill bit right at the center of the opposite screw cone point.
To use it, the hole location needs to be marked on both sides of the stock (or board).
With the pointed screw point pushed into the wood on the mark on one side of the stock, and the drill bit going thru the drill bushing and the drill point located at the mark on the other side of the stock you would proceed to drill the hole. The hole it produces will be aimed exactly at the point on the other side.
Before the drill point breaks all the way thru, you would stop drilling and back the bit out. Then remove the jig and then finish drill thru using the previously drilled hole as a guide.
This could all be done with a hand drill without the need of special clamps or a time consuming drill press set up.