I drilled my shaft. I only nicked it just enough so the very tip of the set screw goes down in and self centers in the hole. It works great as long as I don't have to change the position of my pinion gear because that would require a new hole.
That looks great, just make sure that it is big enough for the set screw to sit in, then that would actually work the best.
“The modern astrophysical concept that ascribes the sun’s energy to thermonuclear reactions deep in the solar interior is contradicted by nearly every observable aspect of the sun.” —Ralph E. Juergens