Hi chaps, have used the drill technique many times, in his youth my dad worked for a firm who made standard drill bushes to make up production if things were slow, in adult life I found myself in precisely the same position so he downloaded all his wizard wheezes to me, first drilling to size, stone outer corners to a visible radius, remember you are trying to turn the drill into a reamer, drill initial hole having centred the stock, peck drilling if needed, as you approach final size its permissible to bore a short distance to ensure a true start with your reamer/drill even if you have to face that bit off if finish is not up to scratch, remember you are reaming, slow speed coarse feed, got good results down to three sixteenths inch diameter this way, all specials for Catapillar Tractor Belgium. Had similar fun with larger headed sleeve type component that been peck drilled through, my second op. was to render the hole to size with a finish slightly better than one resembling a little dogs bottom, tool 3 flute core drill again with stoned corner rad. position tools, start 0.040" feed, chamfer bore after drill has started to cut, broadface flange, chamfer o/d, job done with mirror finish.
Finally, sizing machined bores with a large ball is called ball burnishing, used to get accurate size & fine finish when ie brass bushes have been pressed into bosses & flanges, end result precise size, fine finish, blink of an eye.
Cheers Bob.