I've not actually done this, mine already had one. But it doesn't appear to be a tough job.I would use a 'drill press' attachment for a hand drill. Sears use to sell them. They keep the drill at right angles to the surface (in your case, the bow edge) and will ensure both holes are parallel for the two studs on the eye. [I would sue a double stud eye rather than the cheaper single stud]. You will still have to watch that you drill the holes 'dead on' without any yaw [left/right], but I think that can be done accurately by hand as long as the drill is held steady in the up/down direction.You will also need to fabricate a block for the inside so the nut/washers have a place to bear and so you ditribute the load from the winch cable over a large area. No such thing as to big here.Of course, remember the caulking. I would use 3M 5200 since this is a permanent installation.Russ