Perhaps hand reaming (with the proper undersized hole) would be applicable if powered isn't an option due to the large shank associated with large reamers. Basically tapping (so make sure its straight and because its reamer you don't need to back out to break chips )
(If you really have no other options adjustable hand reamers is an option albeit not the best option)
If you have a access to a mill a boring head and properly located hole would work too (but as the op stated just a drillpress)
Don't forget the lube
AndrewV
(edit quick google showed up a couple websites for a 1 1/8 reamer for around 50 - 70 dollars) (victornet, grizzly and amazon namely)
(heres a guide (reaming not included)
http://www.micro-machine-shop.com/hole_drilling.htm)