I rummaged through my junk jar for a bolt that was a snug fit in the eye of the eye screw. Made me think of a poem that begins "You fit into me like a hook into an eye." Good poem.
Arbitrarily, half an inch in from the edge. Got a problem with that?
A second pencil mark the thickness of the eye screw away from the first mark.
Coping saw removes the wood between the saw kerfs.
Drilled from both edges, holes meet in the middle. Yes, I have a drill press, and yes, if I were doing this for real I would use it. But part of what I'm testing here is what is the MINIMAL toolkit you need to make this joint.
Some chamfers are for appearance or tactile appeal. These allow the leg to rotate.