Hi, Mitty.

A standard drill bit has only two flutes. A standard reamer the size of a propeller hole diameter normally has 4 flutes. Since the prop hole dia. is almost the proper crankshaft size and only needs a little material taken out, the only answer is a reamer. A reamer will NOT wander from the centerline of the prop hole, but will follow the hole religiously. A drill stands the chance of wandering off to one side or the other and is also much more likely to go thru the prop at an angle if you're using a hand drill. Of course, if the hole is running out or crooked, the prop will not run true and vibration will be set up.
ALWAYS USE A REAMER.

Jackster