Thanks guys for your help. I have three Lyman receiver sights to mount, one Mauser, one 03A3 Springfield and one Ruger 77II. Here is the way I go about it..If you see a misstep holler out, I am going of fuzzy memory.
1. Level the action in a bench vise with a machinist square containing a level. I use the flat part of the action to hold the side of the square with the bubble.
2. I then then level the sight base on the side of the receiver with the same square. I make certain the base is square with the bottom and top of the receiver. I then clamp it down with a machinist clamp, making certain one hole is clear.
3. The action is placed in the drill press vise with the base up, flat and square with the table.
4. I find a drill bit that is a slip fit in the base holes and chuck it in the press shank down. I then use this to locate the hole in the base and when the press moves the bit up and down in the hole. I lock everything down.
5. I reverse this bit and just spot the receiver leaving a nice little crater.
6. The tap drill now goes in the chuck and with lots of lube, I drill the hole. Nope, don't force the drill, let the machine do the cutting.
7. I clean the hole of chips etc, with air and a pipe cleaner. I stuff the receiver full of tissue paper and most of the chips come out when I remove the paper.
8. I drop the press table and put the pilot of my B-Square tap wrench in the press chuck. I then center the tap in the hole and with some lube, tap the hole. I don't have much use for allot of the stuff B-Square makes, but this tap wrench keep you from canting the tap, which is the cause of most breakage.
7. I clean the work and place a screw in the new hole and cinch it down.
8. I remove the clamp and use the screw to hold the base in place while I repeat the above for the second hole.
9. Of course, I then make sure no screws are protruding and no burrs on the inside to bind the bolt.
Have I dropped a stitch somewhere?