having built well over 10,000 lures in the past few years, can I give a quick lesson on through drilling??
OK. firstly clamp a piece of 4"x4" to your drill press base. Now drill a hole into the 4X4 that is the same diameter as the lure your going to use. This makes the center of the lure the center of the drill press automatically. Now make sure you use a brad point drill. They don't stray with the grain as easily as do conventional tip drills. I have the outside tips of my brad bits ground down at a machine shop to make it even less likely to grab grain.
Now drill halfway into the lure using 1/8 or 9/64 bit. and flip the lure and do the same from the other side. Now the best way is to round your stock first to what ever the largest dimention is of your final lure. i.e. 1 1/8" and drill the through hole first and then return your stock to the lathe for the final shaping. (you don't have to shape befor you drill).
It really makes life a lot easier.
Good luck and if you need any help, just give me a shout.