Interesting jig, Joe. How do you determine or set it up for a specific sized oval?Make one of these. I use a longer or shorter arm depending on the size needed...
Just realized the end holding the pencil is not in this pic. Just a hole large enough for a round-bodied pencil jammed in. Small piece of dbl sided tape holds it.
If using the nail & string method, remember to get a string that won't stretch. It will distort the oval. Better to use piano wire or gift wrap ribbon if you have it.
Also, you asked for 2 different things, an oval and an ellipse. Ellipses are egg shaped & not quadrilaterally symmetrical like ovals.