If you have the tools, use them (drill press, mill machine)... I would never use a hand reamer on one of my $80 carbon props or even a $30 APC. I drill props for my buddies.... you can do it once correctly or go buy another one.

I always balance my props after drilling. If a prop has slop on the crank shaft, the vibration will certainly decrease the life of the engine bearings. You can generally watch an engine run and see the vibration when the prop is not done correctly. Don't forget the spinner either.