First thing you need to do is to find flat spots in your hood that touches flat spots on your frame when the hood is closed (in my case the Dodge Ram hood has two rubber stoppers that meet the hood and it just so happens they were the flattest parts of the hood) in any case you need to find these flat spots and then make sure that those flat spots meet a part of the frame or unibody that can be accessed easily from the bottom of the frame. This is extremely important that plan this out thoroughly before you drill, Nothing is worse than misjudging or guessing at where the hole should be. Not to mention the look of misaligned hood pins
Once you have located their spots take your drill and your quarter inch bit, and drill to pilot holes all the way through though hood.
Now follow that pilot hole through with your step drill bit until you have bored a hole just large enough to accommodate the hood pin
Hood pins are basically just big bolts with two nuts holding them in place and a hole drilled through the side. So the installation is very similar to a bolt. the most difficult part about the installation is lining up the holes in the hood to the pins below. If your drilling new holes in the frame simply close your hood and stick an un-capped sharpie through the hole to mark the frame.