Uncle Alvah,
I've only done one, so take this for what it is worth (not much!).
If you want to be precise, you need to do two things first.
Figure out your sear travel. It will move from full cock to hammer down. Assemble your lock, and then mark where the sear sits with the hammer down. Then cycle the lock through half and full cock and mark the furthest point the sear moves to. (Might be at half cock, full cock or partway between). Then you have all positions marked on the back of the lock.
Now disassemble the lock. If you want, you can make a tracing of the back of the lock plate, with the sear positions on it. This may help later on.
Next, put the lock plate into the inlet (lock dis-assembled). Stick a sharp pencil through all the holes in the lock plate, you will need this later for the internals inlet anyway. Specifically, draw a circle where the sear screw goes through. Then, take the lock plate off. Now you know where the sear will sit. You can place the sear (upside down) onto the wood with the hole for the sear screw lined up with the circle you drew. Now you know where the sear bar is and the arc that the sear will travel. Next, you just need to refer to the back of your lock plate, or the tracing you made to determine where on the arc the sear moves when you action the lock. That will define the hole that you need to drill. Does that all make sense? You are using the screw hole to place the sear on the wood, and then using the sear to figure out where the hole goes.
On some locks, the arc is easy to eyeball because the lowest point is super close to the bottom of the lock plate. Others, not so much.
Next, make sure you drill it deep enough so the tip of the sear bar does not drag on the bottom of the hole, but no deeper. Hold your drill bit up against the sear and see what depth you need. Mark the drill bit. Obvious, but don't drill so far you go through the side panel!!
I can't remember what drill bit size I used, but the travel of the sear will tell you the minimum size.
It's easier to do than it is to describe. If that doesn't make sense, let me know, I will draw a picture.
Cheers,
Norm