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Re: 0.502" Drill bit?
Invest in a solid carbide boring bar (assuming you have a lathe). Many are available that you can use on various size holes and get the exact fit you desire. Try EBay, as I have bought some brand new at very low cost. Also make sure the shaft you are fitting to doesn't have a burr left on the edge, as this will give you a false oversize reading on the shaft.
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