Dale, what I did was to file a flat spot on the top of the fixed jaw, then I set it up in my drill press and used a center drill to start a hole, then drilled it .093 (3/32") all the way through. Used a 3/32" drill blank and broke it to 1 1/2" and inserted it and then peened the hole over. Your way is good too.
For added protection, I put a clamp pad over the moveable jaw and always put the lock plate on so that it has something firm to rest on.