You can make one of these yourself for your bit and brace:

If you don't want to make one, get two plastic speed squares and joint each one to one side of a piece of angle iron and it will do the same thing.
A boring machine will hold the bit at 90° in two planes and is easy to use and doesn't require electricity at the site....
We have machines for sale starting at $170 (plus shipping) and with a good $30 bit you're good to go.
Look at my gallery for pictures of machines and bits.....
Jim Rogers