This machine is great for making a vertical cylinder hole with an odd number of blocks wide diameter. It's also great if you just want lots of building materials. (You can collect them from the double chest at the surface.)
The signs were there to tell you how to set up the machine so they are not necessary. Also, it turns out that in the newer versions of Create mod, signs can't be written in schematics so they are literally useless in this build.
Set-Up:
Input a clock-wise rotational force into the gearbox. 32 RPM is probably the best for most cases, but if you are drilling a really big hole, lowering the RPM can increase the consistency. (Also, don't put too high RPM into it or the machine may break.)
Put at least 3 items on the ejector. This defines how many times the drills will spin at each layer. Since the drills are moving so fast, they can sometimes skip blocks. The additional spins make sure that those skipped blocks get drilled. If you are drilling a bigger hole, it's recommended to use more spins per layer since there will be more skipping.
Extend the blade of drills as much as you like. You may also widen the blade of drills on the further side if you notice some columns of blocks at certain distances that are always skipped. Remember to glue them together after you are done!
Change frequency #1 on all 5 redstone links if you want to use multiple of these together, so that the signals are seperated to each machine.
If you are in a newer version and can't afford brass, just swap the smart chute with a regular one. It still works well, just slower. (There's no luck for you if you are in the old versions, though. The old redstone links still require brass.)