Process:
Cut all the sticks to 46.5 inches (error on the side of about 1/16 in. longer).
Sand all sides, ends, and round the ends a bit.
Set up jig for the first end hole at 3/4 in. Drill all of the sticks, one hole on each end (same side!).
Move the end stop on jig for next hole, 2.25 in. Drill all of the sticks, one hole on each end, opposite side from the first hole.
Move the end stop on jig 3 in. down from it's current setting. Drill all of the sticks, on both ends and both sides. Repeat this step 7 times.
The 3 in. holes can be skipped for the pallet and shelf sticks.
Sticks can be left plain or stained/varnished. Painting might work, but if the sticks are reconfigured, the flat head bolts will leave divots in the wood that will be more noticeable if the sticks are painted.