Centering a Rod in the Mill Vise
Quick, easy, and not too far off. . .
When I need to make a quick hole through the middle of a small rod, I use this really simple trick to center it in the milling machine vise.

First, I tighten the rod in the drill chuck, lower it and move the table until the rod just touches the back jaw of the vise:

Then I drop the rod out of the chuck, load it into the vise with a parallel underneath, and tighten the vise up:

I slip the parallel out, and moving only the X-axis, I locate and drill my hole:
Precise? No, but close enough for casual work, which occupies a fair amount of my metal working time.
Quick and easy? You bet - that's the idea.
