Use parallel tip fluted reamers. Use "Tap Magic" boring/drilling oil. Use a drill press with slow rpm capability (500 rpm or less). Use a nice jig to hold the hosel firmly in a straight up & down position. Mitchell Golf used to have such a jig. Then wash the oil and fine metal particles out with Dawn dishwashing soap. Works like a champ.
 
Rich "Mac" McHattie
Mac's Golf

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