I saw a similar jig in one of the woodworking magazines the other day and after 3-4 times of pulling paper back off to get the holes aligned and paper centered, I figured it was worth the effort to build.
Just took a couple of 3/8" dowels and put them in the drill to round off the ends for easier alignment. I cut the final length on them to about 3/4"
Drilled two 3/8" holes, 3/8" deep, with a forstner bit, added a little glue, and done. Just set the paper over the posts face down, align the posts to the holes on the sander and push down.
Oh, and got sick of my hose coming off the sander too, a few pan head screws were added to remedy that...