I've thought for a while that a drill's tendency to cut oversize is mediated primarily by imbalance between cutting lip angle and/or length, so that the heavier pressure encountered by one side deflects the drill elastically. The closer any pilot hole is to finished size, the lower the pressure on the leading lip and the lower the tendency to flex.
There's no way I can afford the money to buy, or the mental concentration to maintain stock control of, reamers for every small precision hole I might gotta make. So I make extensive use of the 'Dagenham reamer' procedure where you drill a pilot hole undersized by a few percent of diameter, then finish with a drill to size, run at about quarter or third speed and whatever feed 'feels' right, usually several times normal drill feed.
If I needed a precise 9/32" hole I think I might do it 17/64", then 7,0mm (thanks SOD !
) and finish with a 9/32" drill or reamer, whichever I happened to have – because if the predrills came out right I don't think it'd much matter.