The center,clamp and drill press routine works OK,but make sure the clamp is firm and ease the bit into the wood.....A slip and you are into bushing to save the prop,or at worst you have an expensive paint stirrer.
There are ridged hand reamers in all the common metric and english sizes at your LHS or mail order place which do the job well.Fox for example makes a good one.....
I sand all the factory finishes and logos off new props,then spray with clear acrylic with extra coats on the light end until balance is achieved.