Some hints from an ex toolmaker who knows bugger all, lol.
Even when using a reamer, for accuracy bore out the hole first. This will ensure the bore is concentric as drills can occasionally run off centre and the reamer will then follow that hole (a reamer is a sizing tool not a de-facto drill. Also beware they can create an oversize hole in certain situations - rare but possible)
Reaming speed is usually 1/6 of normal cutting speeds and the feed rate (the speed the tool passes through or over a job) is higher than when using a drill.
The finish of the bored hole doesn't have to be too flash and should be approximately .5mm undersize (.015' - .020") and like everything in life too much lubrication is never enough!
Always use a proper machining lubricant such as Trefolex which ensures good surface finish and longer tool life. For aluminium kerosene also works very well.
If reaming a blind hole (ie a hole which doesn't pass through an object) try and drill deeper than the required reamed depth by a few mm.
If excessive deflection of a boring bar occurs you may have too much play in the cross slide and compound slide which can be adjusted on most lathes. The conventional saddle running on V ways normally doesn't budge. Old lathes may also have wear in the headstock bearings causing deflection.
When using a boring bar try and use the largest available for the job. If the machine is solid and the tool bar is solid deflection will be bugger all. Irrespective of carbide insert bars or high speed steel the cutting edge must be maintained to optimum cut or deflection will occur.
Hope this and Lozza's posts help things along and Ji keep those posts coming !!!
Dave Mac