I want to enlarge four 13/16" holes in 1/2" thick steel to accept 7/8" pins. This on a piece of equipment so I have to use a hand drill. I happened to have a 15/16" black oxide bit, not too surprisingly that doesn't work at all. In 10 minutes I only penetrated about 1/8" in one hole. So I need to decide between buying an $80 construction reamer (high speed steel, manufacturer says it is OK for stainless) or pick up a 29/32" cobalt drill for under $50. I'm guessing the reamer would work better even though it is softer. Is that correct?