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Wildcat regulator gauge?

I'm thinking of adding a regulator gauge to my mk2 Wildcat and was looking for some clarification before I screwed up! Would it be as simple as drilling out a hole for the gauge and screwing it into the bleed hole? For those who have fabricated the stock what did you use and how big of a circumference? Also what a good size gauge to use I'm guessing 1/8bsp would be the thread pitch?
 
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