Nice, provided the diameter of the stock permits. The true machinist uses a method appropriate to the needs of the job, and this would be quite accurate enough for many applications. Another method is to pop an end mill in the chuck, use the lever quill feed to just kiss the top of the stock, and machine a very small flat, not much more than a line, across the surface. Then replace with a centre drill, position that in the middle of the flat, and you're away.