drilling hole jig for axles for toys?

I don't have long enough drill bits and a deep enough drill press to go through 3.5 inches of wood.

So... I'm planning on going with the peg/cap method. Gluing the axle in and a slightly larger hole in the wheel and let the wheel roll on the axle instead of gluing the wheel to the axle and letting the axle roll/move.

Is there a trick to drilling exact holes on each side of a block of wood?

I've been measuring my distance from the bottom and then in from each edge and go from there.

Any advice would be great. Thanks.

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drilling hole jig for axles for toys?