Personally I wouldn’t do it that way, because its awkward to hold, and you will need to make an accurately sized spotting punch to ensure you pick up centre.
I hate all this spotting through stuff, because while it seems so simple, unless I am very careful, I always manage to add errors. The only time I spot though is when I have to transfer previously marked out holes in undrilled metal. Then I use a centre drill followed by a 1/16 pilot through both, (and then only on assemblies which are not coming apart again . Bear in mind, you wil be drilling a clearance hole of what +.004″, so your maximun cumulative radial error can only be .002″, and you have a central spigot and 3 holes to get in concert.
The way I did do it on the plates for my GHT head, was to offset the right amount, and then drill with a centre drill and then a clearance drill, off the 12 hole direct indexing circle on the pinion. If i didn’t have a direct indexing circle, then I’d line up properly and start cranking.
Others may well be better at spotting through than I, and that being so, good luck to them. However, if you do it properly you can be certain that the three locking countersunk screws will keep all central, and you won’t get the plunger pin jamming on one side of the circle .
So that would be my suggestion.