Find two pieces of angle iron. Weld, bolt, glue, or tape together -
one up and one down. Set on the drill press and center the "V" section
under the spindle using the smallest drill bit you have. Clamp in
place. Just drop the EMT into the "V" and drill away. You can use the
welded seam to keep the holes at each end in phase. Do the same for
the bicycle frame or use the drilled EMT for a drilling jig.

If you drill first with an 1/8" bit and bolt together using 8-32 bolts
you can go back and drill with a long 3/16 bit in your cordless and
have everything nice and tight.

Hose clamps with a bit of old inner tube make good clamps on irregular
things such as this.........
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Leon McAtee