Hi Mike
That's a good way
Here's one more, the next time you have some spare time find a scrap 1/4" plastic stock in the shop, then get the hole saw set out and cut out some offsets.
I use the 3/4" hole saw for all the them so I can use the 3/4" OD brass guide to put them to work.
I start with a 3/4" hole saw but don't cut it all the way, you need the 1/4" hole to make them true after you cut them out, also use the hole saw on both sides that to say filp the stock over and cut it just a bit to keep it from chiping on the last cut, then chuck up the biggest hole saw you have and cut out the offsets work your way down to the 1 1/4" hole saw,once you have all the plastic parts cut out make a small jig to hold them on the belt sander with a 1/4" dowel pin for a center point, clamp the jig to the belt sander to get the new pastic parts true on the outside then take them back to the drill press and cut out the 3/4" hole on all of them, then pull you 3/4" brass guide out and check the fit you will need to sand the inside just a bit but you want a tight fit on the 3/4" brass guide.
You have just made many offsets that you can use with your brass guide to move the bit out from the edge of any templete.
The set I have that as about 14 sizes and all it takes to use them is just slip them on the 3/4" brass guide and go to work, quick and easy way and you can use the 3/8" and the 1/2" carb. bits .
If you want to see a snapshot of what they look like after you make them just ask and I will post one.
Bj