However, there are plenty of times when neither of these devices will work for a variety of reasons
You don’t have a press.
You are using a bit and brace
The job at hand doesn’t require that level of precision
You are too far from the shop to go get it
There is a pretty simple solution that satisfies any of these situations. Keep an old CD in your drill case. Place the cd, shiny side up with the hole in the middle of the CD, surrounding your mark for where the hole needs to be bored. Use the reflection of your drill bit to align your bit. The reflection and the actual bit should form a continuous line. If you see a bend, then the bit is not Normal to the surface. By tilting the bit back and forth a little you will see what needs to be done to make the reflection straight. When the reflection is straight, start drilling and use the reflection to keep you on track.