I can't help you on the correct size question, but here's another method that worked OK for me. I had a lens board already drilled out for a #0 and needed to fit a #1 into it. I looked at the hole boring idea with a fly cutter drill bit, but it will only work on a blank board - you need material at the center of the board for the drill to start in.
My solution (albeit primitive) was to trace a line around the existing hole to the correct size using a fine pointed awl. Then I got a small "sanding drill" which is like a drill bit, but it's about 1/2" in diameter and has sand paper around the outside. I put this in a drill press and slowly, carefully sanded out the inside of the opening until I reached the scored line. The finished opening was not a perfect circle (it's hard to exactly meet up with your scored line everywhere) but the lens fits just fine.
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