I used two pieces of 1" x 2" wood that were hinged and have "V" cutout of each piece to make a square when they were together. The one end was reduced in size to be use as a handle.
I bought one of the drilling jigs from woodcraft. It just made more sense than trying to build one. I use with my drill press and it works great. This is the one I use. They have a better model that is on sale at the moment.