Hi what is it that you want to machine ?
Just extending the head stud holes.
as it was not done originally and I want to counter drill the top thread off as they again were not originally done.
Ah,,,, OK,,,, now I know what your doing,,,,
I just do them in the Pedestal Drill. I might have photos somewhere.
I use an M10.5 Drill bit. To 'Centre' it, I slip the gearbox in neutral and turn the chuck backwards with the tip of the drill bit initially about 1- 2 mm off the block and then start pushing the block until it gets closer to centring, working my way to the point where it's in contact with the edges of the hole in the block.
I highly recommend setting a depth stop. Depending on how your drill bit is sharpened, it can bite and take all the threads out quicker than you can blink.
Then drill away. You'll find that the drill will want to self centre itself regardless as to how well you have actually centred it. I usually only take the top 2 threads out, that's enough.