Holy Cow Batman!!! Brownell's is getting over $100 for some of their drill bits to do pillars in a bolt action rifle. What's a poor country boy to do? I went to the Home Depot and bought a 9/16" drill for $4. this:
https://www.homedepot.com/p/DIABLO-9-16-in-x-6-in-SPEEDemon-Spade-Bit-DSP2060/312953363

I then filed down a little of the threads so I could slip tubing (stainless steel from ACE Hardware- just lying around) up tight against the drill. This tube diameter fits the existing hole in the stock but is slightly smaller in diameter than the shaft on the drill bit so I wrapped tape at both ends of the tubing, 2-3 wraps and used a caliper so the diameter was equal to the drill bit shaft- then put them down on a flat table. If you raise one side of the bit you can slide a metal yardstick up against both the shaft of the drill bit and the tubing- you now have two angles in alignment. I put a dab of epoxy in the tube- stuck it on the screw tip of the drill bit- got it all lined up and waited over night. The tubing was about a foot long.

This morning I sawed off the tubing, leaving a "pilot" of about an inch. I ran the bit in a handheld electric drill. No run out or wobble but I held it to a stone just to get any possible wobble gone. I took a 1" pine scrap and drilled a pilot hole equal to the existing one in the stock and then tried my creation- worked great, saved $100.

When I put my pillars in I just went out to the garage grabbed the appropriate sized metal drill bit out of the case chucked it up in the drill and got busy.

I actually have a set of the correct piloted Forstner bits to install my pillars. Makes the job a breeze to do correctly. I always put a piece of masking tape on the finished side of the hole to help prevent splintering as the bit exits.

The thing I made, don't even need a drill press and comes out on the button- just thought I'd mention it.

We need a picture.

I've done precisely one and I bought something similar from Stocky's. However, I did NOT do the tape trick because I'm a newb, but other than that worked like a charm on a hand drill. I'm still not that confident in my craftsmanship. Like most enginerds, I'm good on research and theory but still lack on the practical field/hands-on experience.
The thing I regret now is not buying a small drill press for just a few more bucks. I have one now and the next rifle that I feel like pillar bedding will be done the drill press. That little tool has been far more useful than I imagined.

https://www.stockysstocks.com/acces...-s-perfect-pillar-driller-9-16-hole.html

Btw, if anyone is doing this on a Remington 700, then hit me up. I'd be willing to let someone borrow the tool.

I used what I made on a Rem700. On the drill press. Off hand, it seems that if the drill doesn't have a pilot and you don't line the stock up correctly, you might be off in drilling. I think the pilot bit is better. I went in from both sides (top and bottom) absolutely even hole.