A fair bit back, Jim Rozen described a drill press for Printed Circuit Boards that sounded like a good design. A microscope with a cross hair to align the board, and a drill that comes up from the other side to drill the hole.
So the first step was to figure out what to use for a spindle for the drill press and how to drive it. My choice was a small trim router that HF sells as low as $20. The second thing was to make a new collet to hold carbide PCB drills. Measured the angle of the existing collet as 30 degrees ( 15 degrees on the lathe compound ). But how to get an accurate hole with very little run out.
Well the first problem was to get an accurate diameter hole. A 1/8 inch bit makes a hole that is too large. And the next size down was too small. So googled on this group for ideas and tried to make a small boring bar out of a broken drill. The drill was about a 3/16 drill and I never did manage to make a decent boring bar.
Okay a D drill will do it and I had several broken PCB drills. And fortunately a small ( about 4 inch )diamond wheel. Much better luck than I had trying to make a boring bar. Got one collet drilled out, but had guessed at the outside diameter. Bad idea. Made another collet and nearly got it right. I left a little straight bit at the small end of the taper that was just a little too big in diameter. So pushed a broken PCB drill in and then chucked it in the drill press and filed that to fit. Also smoothed up the tapered part with the file. It seemed to be true before I did that, but it couldn't hurt.
So now I more or less have a collet. I will have to buy a slitting saw to put a slit in it, but the hole is tight enough to hold a PCB drill now. Can't see any run out. I think that part will work.
Dan