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Everyone else pretty much covered the drilling issue. I will add the precision part now. A good way to get round, precision sized holes that are also on location is.
1) center drill
2) drill (undersize)
3) bore (undersize -.001-010 depending on materials and size to leave material for reaming.
The single point tool cuts the hole concentric to the spindle and on location.)
4) ream ( hint, using oil and the hole will be tight/ under. Use a water based coolant and it will tend to cut larger/ over. hint #2 run the reamer 1/3drilling RPM
hint #3 when the reamer is through the hole, stop the spindle and retract. This helps prevent the chips that are trapped in the reamer flutes from scratching up the finish
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