Eyeball location -> lightly poke with fine-tipped awl/thumbtack -> check alignment -> poke harder at final location -> enlarge by twisting tip of X-acto blade -> drill (-> swap bits and enlarge hole, if necessary) (-> swap to larger bit and debur/chamfer edge, on larger holes).
Sounds like a lot of steps, but if all goes well, it takes well under a minute per gun. Process is exactly the same on plastic or metal, just takes a bit more effort to drill in the latter case.
One thing I've found works better for me is to keep the pin vice stationary (excluding rotation, of course) and push the gun into the bit. Keeps the bit angle consistent, so I can control the direction of gun travel and thereby the barrel alignment a bit better, just by feel. Gives me acceptable results for the effort and requires absolutely no specialized equipment.
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