I made a drill guide, and have used it to drill cranks on three engines. You don't need to remove the crank, but you really should use a drill press.
Set the engine on it's pull starter, on a rag, on the drill press (crank up). Make a small slit in a towel, slip the crank through, cover entire motor. Slip drill guide over crank. Drill 21/64" hole about 1-1/2" deep. Use oil when drilling and cutting threads with 3/8"-24 fine thread tap. I use a pen magnet to clean out the hole. You must contain metal shavings! You don't want them getting into the flywheel/magneto. I made my guide on a lathe out of 1" stock that was 2-1/2" long. I drilled it all the way through 21/64". Then I opened it up to 3/4", only half the way down.