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Hi Norn,
The 3/32 inch rivet holes are drilled with a no 40 drill bit, so that size works OK to drill them out with also. Or you could use one size smaller. As you know, if you don't drill dead center, or if you drill too deep, you will enlarge the rivet hole in the metal. The aircraft tool places sell a really neat "rivet removal tool" that is well worth having if you are going to drill out more than a handful of rivets. It has a drill bit and a centering device so that the drill bit drills the exact center of the rivet every time. It also has a drill stop so that you can adjust how deep you drill the rivet head. Typically, you can just drill the head, pop the head off, and then use a small punch to punch the remaining rivet out of the hole. That way you don't tend to enlarge the hole too much. The rivet removal tool comes with drill bits for all the common small rivet sizes. They cost around $40 - $50.
Here's a link to the tool at Aircraft Spruce:
Best Regards,
Wayne DelRossi
Alon N5618F
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