Yup, you could also melt wax into it to hold it firmly stick it in the fridge and then bore it out. Since it's plastic you won't have much problem boring it, but getting it perfectly centered is going to be a problem. I am assumung that you are going to do this on a drill press. I don't know what kind of measuring tools you have but I have yet to see a drill press that is square to the spindle, so make sure to compensate for that. The vice I have is in this thread.
http://www.rc-monster.com/forum/show...highlight=vice
I also have some Delrin I could give you so you can make a jig. I don't think I would have time to make one for you, I have to go to Baton Rouge on Monday. But I could either ups it to you or if you want to meet me half way I could bring it with me.
It looks like a regular Rustler hub I have some of those. If it is then I think I might be able to whoop one up for you.
Jeff