There is a tool that helps you center a drill bit on the press to bore for the lock bolts etc.
:hmm:
I'm not sure what tool you are talking about and the only one I can think of would be a "center drill".
That is a very short, heavy bodied drill that both drills a shallow hole and forms a 60 degree countersink which is used with a machine center.
Anyway, the tools I use for locating and drilling a hole for a screw thread are a dial caliper (a vernier caliper type guage with a dial on it that reads in thousandths of an inch), a center punch (a pointed piece of steel rod with the upper end made to be struck by a hammer), a small hammer (to strike the center punch), a small 1/16" drill bit (a very small center drill would work for this), the correct sized tap drill (to drill the hole for the tap that produces the threads), a black felt tip pen (to color the metal surface black) and my small drill press (although an electric hand drill will also work).
I start off deciding where I want the hole to be and then paint the area black with the felt tip pen.
Setting the dial caliper to the dimension I want the hole to be from some edge, I then hang one of the jaws of the caliper slightly over the edge of the part and use the sharp tip of the other jaw to scribe a line in the black ink.
I repeat this for the distance in the other direction.
I then place the sharp point of the center punch where the scribed lines intersect and use the small hammer to give it a whack.
The point will form a very small indentation in the metal.
Using the 1/16" drill bit (or the very small center drill) I use the indentation to position the drill bit and then drill a hole about 1/16" deep.
Chucking the tap drill in my drill press (or electric hand drill) I then use the 1/16" hole to position the drill bit (or the part if I'm using the drill press) and then proceed to drill the hole for the tap.
This method is pretty standard operating procedure and it is used by me any time I want to accurately locate a drilled hole.