I think you need an attachment for a drill press. No mortising jig here either.
If I had to do a small number of such holes, I would grind the top of the cap flat if it is round, this should make it easier to work on and take most of the material away, drill 4 small holes in corners and finish straights with either a dremel with cutoff wheel or a sharp 1/2" chisel. Clean with file if you don't have steady hands.
Easy peasy japanesey.
mms: time will come. I am not cranking out chippendale highboys, but I have made some nice pieces for the house and repaired many an antique. Complimentary hobby for building blinky related stuff. It better be, since "my" space in the garage is occupied by my shop...