In Googling "drill bit guide" came across this and other tools like it:
Something like this seems perfect for being able to drill a straight hole through wood. However, I can't seem to find anything like it at Lowe's, Home Depot, or Menard's. Surely, I must not be searching properly as it would appear that such a tool would be a very handy addition to one's arsenal of precision tools.
What, exactly, is the industry term for such a tool that makes for the easy centering of a drill bit?
Best Answer
Update 5/12/2013
While my jig below does work, this product is even better!
Big Gator Tools V-DrillGuide Standard Size Portable Drilling Guide
Original Answer
I am answering my own question here with an awesome, home-grown solution to my problem. I fastened two pieces of wood together at a 90 degree angle. Corner clamps made it easy to get it perfect. I then took a third piece of wood and cut a 45 degree bevel off the corner. This piece is my drill bit adapter that fits a number of larger-sized drill bits, but was made with my 3/8" bit in mind. I also made another for smaller sizes (not shown).
To hold the adapter firmly in place and tight against the bit, I use one of my smaller c-clamps. Using this custom guide, I was able to drill a near-perfect hole into the subject. I also used another similar custom assembly that works with a plug cutter bit for my power drill.
No expensive equipment required!