If it works for you... go for it!
I use a faceplate to turn my calls, so I marked the holes directly from the faceplate onto a piece of thin wood (like paneling but thinner). My template holes are only 1/8", as I use a 1/8" bit to drill the pilot holes for the screws I use to attach to the faceplate.
I love it when something laying around can be used as a tool or template. Makes you start looking more closely at things around you before tossing them out.