ORIGINAL: Tired Old Man
I use a drill press so a guide is not required. The prop washer will do. Without a drill press a drill guide is mandatory and still not always satisfactory.
I used to drill my props with a handheld drill and didn't always have a drill-guide. The results were hit and miss at best of times. [:@]
You can get a drill press for quite cheap from a lot of hardware stores. They don't have to be the professional ones. All you really need is the ability to properly level the base where you place the prop.
I bought a drill press from a discount hardware store locally to me for AUD$89 from memory. Managed to stuff up one prop regardless - probably got cocky with the new drill press!