Good responses. The bung or plug is a tight fit. The hole is a 5mm guide for the pilot pin on the annular cutter, which is my current thinking. These annular cutters or rotabroach, as they are commonly called cut dead accurate. I have had a few test runs on some 10mm steel and these cutters are amazing. I like the reamer approach. I'm going to spend the next hour or so trying to figure out how to secure the frame to either the mill or the drill. This may force me one way or the other.
Sincerely,
Tom