You can do a boring tool several ways, one is touch off the inside of a bore of a known dia or take a cut off a bore and measure in a simialr way to doing an OD tool.
Another way is, what I usually do, I use the tool I show in the vid, I hold a piece of tool steel against the OD and bring the tool in to touch the tool steel, see pic. I know the Dia of the material so that is the position I enter for X.
For a drill it is similar except you deduct the radius of the drill from the dia of the material and that will give you the current position of the drills centre.
You could also touch the drill off the OD of the material and add the radius of the drill if you preferred.
Hood