I'm assuming this a full-tang we're talking about.
+1 on Patrick's tips. Or:
Should I notch the blades so that the guard will slide a little up onto the underneath of the blank?
Yes. This will help it seat in tight. File slowly and check often, you want a nice snug, square fit. When a joint like this done right, it will dang near hold itself there without solder/pins/epoxy etc. If you want the least possibility of stress-risers/possible breakage, make the slot in the blade round (concave) at the top, and the bottom of the slot in the guard convex to match it.
How do you drill the hole in the guard so that it matches up with the hole in the blank?
Shape the notch in the blade first, then cut the slot in the guard material. Cut the slot so there's extra material above the spine of the blade, this gives you a little wiggle-room for shaping later. When it fits snugly, drill your holes in the guard (off the blade). Use a drill-press and/or extreme care to keep the holes perpendicular to the blade. Then put the guard back on and drill through the blade blank, using the guard hole(s) as a template. You can either superglue or clamp the guard against the blade in this step, just make DAMN SURE it's fully seated where you want it.
Double-check all "fits" often. A well-made knife should be solid and square
without gluing it up. Epoxy etc is the second line of defense, not an excuse or cover-up for poor fitting.
You'll never regret doing it right the first time, even if it takes a few tries.