This is why I wrote the post, it's partly to share with others and partly because I won't remember how I did it.
If you go back to my post
here I list what I used. The 3/8" spotweld cutter (aka rotabroach) works well for the bottom because the existing holes are 3/8" on the rail. So it allows you to get a perfectly centered hole. The rail itself, when clamped into place, is your guide. No "centering pin" or anything like that needed. In fact, remove the drill bit from the cutter (as I outlined.) Then after removing the rails I enlarged that hole in the tub to
17/32 (not 7/16) because that was the diameter of my 5/16-18 nutserts measured with a pair of calipers.
That doesn't mean that the CavFab rail design is the same as the ones I ordered, so some double checking and common sense is required. It will all make sense when you start doing it.