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If you've ever tried to drill a perfectly straight and centered deep hole in the end of a board, you know that it's nearly impossible with a handheld drill. But add a drill press and a jig and the job becomes very doable. Make this jig from two 8-in. x 12-in. pieces of 3/4-in. plywood or medium-density fiberboard (MDF). Just screw the pieces together to form a "T"; and reinforce the jig with a couple of triangles.
To use the jig, clamp it to the drill press table and the workpiece to the jig. Draw an "X" across the corners to find the exact center of the piece. You'll have to adjust the height of the table and pivot it until you line everything up, but after that, drilling a straight, centered hole is a cinch. This trick will work for rectangular or square boards.