I recently discovered a simple way to locate a faceplate precisely over a center point on the end of a turning blank. I find that a 7/8" Forstner bit fits exactly inside the threads of my 1"- 8 TPI faceplate. With the center point of the bit just protruding from the faceplate, I can position it into a center-punched divot on the end of the blank. Then it’s just a matter of holding the faceplate securely at this location while drilling the screw pilot holes. Remove the bit, attach the faceplate, and you’re ready to go. 

—Bill Wells, Olympia, Washington