Here's what I've been doing - I have the position marked with graph paper that's taped to the workpiece. With the help of a magnifying glass, I painstakingly move the piece until the tip of the bit is aligned with the conjoining lines. By aligning with the tip I mean I view the tip both from the narrow or "pointy" persepective within the channel of the bit and then turn it 90 deg and look at the the wider perspective, and view it from the side and front to make sure I have it aligned with both the X and Y axis. When I finally get it so the tip is as centered as I can make it whichever way the bit is turned and in relation to both axis, I clamp the piece to the plate of the drill press and drill the hole. However, on examination, the hole comes out obviously not dead center in relation to the graph paper lines.
I've also tried aliging it with the drill running, going visually by where the "point" appears to be when the bit is spinning. I get somewhat better results this way but wonder if there's a more precise and dependable way of achieving a centered hole.
Thanks for any input.