I'm in the process of finishing up my first take down recurve from a Binghams kit. The next one I do will use the process Brad outlined above. I've seen similar advice before, but in my pigheadedness I did it just like the Binghams instructions without drilling the index pin hole completely through.
I was too cheap the buy the Bingam's drilling jig and used a doweling jig my Dad, who is really into wood working, had. It worked well. For the next one I build, my Dad and I are going to split the cost of a fancier doweling jig, that way I can use it for making bows and he can use it for other wood working projects.
I'm certainly no expert, now having built a grand total of 1, but I think the bottom line is that you just need something to make sure your holes are the right distance apart and in a straight line.