That reamer is by far the simplest, most economical way to do it. There are good reasons the majority of flyers have one in their flight box.

There are a couple of brands, both work perfectly. Any LHS will have one or both brands. They come in SAE and metric. The SAE one is what you'll need for the OS.

Don't lock yourself into just one brand of props or just one dia/pitch. I'm using a couple of different props on the two OS61 models that're getting the most use right now. One's a Yak 54 and the other is an Extra 260, both about the same size. However, one is heavier than the other and flies better with a different pitch.