Just a thought: the Festool system uses holes at (I think) 96mm centres.
The Festool solution Biagio mentioned has been done. You'll need to have the one of the "holey rails", a Festool router guide and a Festool Router. Here's the video:
The 55" rail is $145. The Router (1400 EQ) is $600. The guide plate is $140. Very expensive stuff (obscenely expensive, like everything Festool). I tried using a Bosch 20mm bit (needs 10mm collect adapter), but the holes were oversized and the dog fit was too sloppy. Ditto with the Festool bit. These are not spiral bits. I know Festool sells a 20mm spiral bit in Europe, but not in the U.S. It can probably be ordered, but the shipping is a killer. I know Amazon UK sells the Festool.
I don't know about other brands, and I don't know how accurate the Festool spiral is. The problem with 20mm bits available here is that they are for Euro cup hinges and are oversized to accommodate. Your finished holes will only be as good as the cutter (or the template). Aside from the Woodpeckers router template, the only accurate holes appear to come from 20mm forstner drill bits (e.g., UJK Parf system). 20mm forstner bits can be found here: https://tsoproducts.com/accessories/...-guide-system/
Oh, and I recall mention of using a bearing guided bit. They aren't accurate enough - or at least none that I've found. I've tried Freud and Whiteside. No dice. I don't remember for certainty, but I believe the holes were undersized.
FWIW, I wouldn't spend too much time trying to figure out jigs and such until you find a bit (router or forstner) that cuts an acceptable hole.
I've tried the pegboard and other methods, and the weakest link was always the hole size - always too large with router bits. If you go with a forstner, a drill guide is a must have. However, getting the tram right on your drill press is essential. Side-to-side is no problem with a tilting head drill press, but front-to-back is another matter altogether. I don't know know of any column drill presses that can be adjusted front-to-back. Remember, if the bit goes in at any angle, however slight, you are going to have a hole where the dog won't fit like it should. If you are contemplating using a drill bushing, I wouldn't even think about it freehand. Every drill guide I've ever used, and I've used a few over the past 45 or so years, has been way too loose for the precision you need. It would just be dumb luck to get a hole with the degree of perpendicularity you want and need. If I was going to drill something for a guide bushing, I would use my PM25MV mill (perfect tram) to drill the hole(a).
I'm not sure whether you are aware of it, but you can make custom patterns with the UJK Parf Guide System. So, if you want some sort of custom layout, you can probably do it with the Parf Guide.
I've read the back and forth about about expectations and accuracy. As noted, you need a properly sized hole, or nothing else will matter much. It's surprising just how little things can be off to produce a 1/16"= error in a kitchen cabinet sized piece of plywood. I'm thinking an error that large isn't something you'd want to accept.
Here's my view. Errors tend to be cumulative. If I just settle here and settle there, I'll likely end up with a finished product that I'm unhappy with. Perfection is unattainable, but you can get darned close. Strive for perfection and the odds are good you'll be happy with the end result. Depends on the project. I take much more care with a furniture piece than I would with construction project. Just my 2 cents.