Regardless of the project, the two holes have to line up, and the easiest way to ensure this is to stand on a stepladder and measure the distance from the ceiling around the area where you want the hole to the floor. Mark a point on the ceiling with a small dot. Next, pick up a hammer and gently tap in a small nail in the area of the hole-to-be. Take some nylon string and measure and cut a length that’s a few inches longer than the ceiling-to-floor measurement you just took.
Plumb lines use gravity to ensure a line is straight. You can purchase them commercially but you can make a simple version by tying one end of the nylon string piece to the nail and tying on a weight on the other end. The weight doesn’t have to be heavy – an old brass key, pocket watch or a kitchen knife are all suitable weights. The weight forces the string taut and creates a uniform straightness that ensures your holes will be even. With the weight touching the floor, mark the point of contact.
Remove your homemade plumb line but keep the nail in the ceiling. Tap another smaller nail into the floor and consider how large you need each hole. Cut two lengths of nylon string that each measure half the width of the circle you need; for example, two 1-foot holes requires two 6-inch lengths of string. Tie one end of each string around each nail and tie a carpenter’s pencil on the other ends. This creates a homemade compass. While holding the pencil taut -- the string will be stretched to the limit -- draw circles on the floor and ceiling. If you're drilling holes, stop at hammering the nails.
You won’t need the nails anymore so remove each one. In order to make cutting out the circles easier, draw lines through each circle that divide the shape in half then cut along this line in both circles using either a power saw or a jigsaw. Once both lines are cut, insert your saw into each cut and guide the saw along the contour line to cut out each shape. For drilling, simply outfit an electric drill with the desired bit and drill holes into the nail holes.