This works well:
Step 1: Drill a 1/4" hole in a piece of wood that will be fastened to your drill press table. It's easier if you don't drill all the way through, but no big deal if you do.
Step 2: Cut a piece of 1/4" dowel long enough to go into/through the hole you drilled and still stick out the top roughly 1" - 1-1/2". Stick the dowel piece in the hole you previously drilled. If the hole was drilled all the way through, glue or epoxy the dowel in; if not, just tap it in until it bottoms out.
Step 3: Fasten the piece of wood to your drill press table, with the dowel positioned directly beneath the drill bit.
Step 4: Set the drill press depth stop so that the distance between the tip of the dowel and the tip of the bit (when fully lowered) is the thickness you want your arched plate to be.
Step 5: Drill away!
I find that a regular drill bit works really well for this. Once I have drilled holes everywhere, I chip out as much of the waste as I can with a chisel. Then I attack the plate with a body grinder until the holes are gone. A regular bit is nice because as you get closer to final thickness, the holes narrow in diameter because the tip of the bit is tapered to a point.
Keep in mind that I am no expert, but I did stay at a Holiday Inn Express last night.
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