Like a dumbarse, I cannot locate my actual 3/8" reaming bit and needed to resize some peg holes in a purchased neck today. Sure I could have used the 'carbide tipped' drill bit collection, but have seen/heard too many chips and nicks happen from this so.....
Turns out that I did find my 10mm threader - they're like $5 at Home Depot. It has the value of being able to be perfectly centered in the existing hole. It also leaves threads - here's the cool part. The small drum head for a dremel is right about 10mm, so it slips right in with a 120 grit head. Turn it on inserted in the hole and voila - perfectly resized holes with no chips, dents, dings, nicks, etc.