Earlier, Scott wrote:

I need to make a specialized tool and am looking for a way to drill a
1/16" hole EXACTLY in the center of the end of a piece of say 1/2" of
3/4" solid aluminum rod.

I've done something like that, using this general procedure to
center-drill a 1/2" rod with a 3/16" bo

1. I put a saw slot most of the way across a pice of scrap aluminum
block.

2. I lightly clamped the block in the drill press vise, and clamped
the vise onto the drill press table so that the drill axis hit the
slot.

3. I drilled a 3/16" hole through the block somewhere along the slot.

4. Without moving the block, vise, or table, I unchucked the 3/16"
drill bit, stuck it shank-first in the hole in the block, and then
tightened the drill press vise so the block clamped down on the drill
bit.

5. I chucked my 1/2" rod in the drill press chuck.

6. I started the drill press, and then cranked the rotating 1/2" rod
down onto the stationary 3/16" drill bit.

Some variation on that theme might work out for you. Most of the time,
I just use my little 9x20 lathe...

Thanks, and best regards to all

Bob K.
http://www.hpaircraft.com/hp-24