Often times I need to drill maybe a 1/4" hole, all the way through the piece, and then a 3/8" or 1/2" hole half way through the piece in the same spot. It is often imperative that these holes are exactly concentric.
With a smaller drill press, you cannot just keep the workpiece clamped in place because to remove the smaller bit and replace it with a larger bit (or vice-verse) will end up breaking the alignment and it's nearly impossible to get it back again (within a few thousandths of an inch) by eye.
Are there special drill bits or guides for this purpose?