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Re: 0.502" Drill bit?
If you don't need a precise fit, you can waller out the hole with the drill
If you do need a precise fit, a hand reamer is the way to go. You can buy them in exact sizes, or you can get adjustable reamers. We're lucky, the fab shop we use on Ft. Huachuca has a nice set of each, from very small to an inch diameter.
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