Copy the PDF shown in the post above, it's got all the info you need to machine a lower from a paper weight. Look at page 16, it has your answer for depth and size.
Look at all the reference info given, everything is given related to the position of the pivot pin, the center of this pivot pin is .250 below the deck height, (top of lower) Once you understand this, figuring out the hole location is not tough to do. Measure the thickness of your lower, they are all slightly different widths. The point is figuring out exactly where your center line is. This hole is not exactly critical in depth like the safety detent hole is.
Just center your hole in the existing slot.
.194 + .250 = .444, so .444 down from the top deck is your center line of the needed hole. And .03125 deeper past the center line of the lower. my last one was about .880 thick, .440 + .03125 = .47125 was my drill depth. All of this info is on page 16. Ray Vin did an excellent job putting that guide together Although I did find a few very minor mistakes, that most people would catch before cutting on a blank paper weight.
Enjoy building that 80 lower.