Drill bits with a Router -- is it possible?

"perfectly"? Won't happen. But, you can get really close by making an alignment tool with a guide bushing. Industrial hardware stores carry all sorts of these bushings. Once you have the bushing in hand, you drill/bore a hole to match its o.d. in a bar of aluminum, or, say, oak, and force the bushing in until its flange sits against what will be the top face. Clamp that assembly in place on the work piece, insert drill ...
Might be the least expensive way out. Perfect? No. Safe? Definitely- used all the time in Kreg jigs.
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