I wasn't concerned with chips. They will work themselves out the bottom. You will want to run the legs down so that the top of the inner leg is below where you drill. Just don't ram the drill bit into the leadscrew. Once the hole is there you can run the leg up/down and find the end of the leg. That's where the follower nut will be. Spray lots of lube in there.
Also, assuming yours is similar to mine, there is a metal cap on the top end of each leg. Pop those out and that's where you will lube the bevel gears.