James,
If I may elaborate on one of the above helpful sggestions.
You state small holes in small gears/wheels. Assuming these are 4-5mm or under then depending on material and the power available to push it through, this can be done, as said, using a hex key of suitable size. However it is difficult to achieve a ‘full’, flat sided, hex. The fit on the points however will be a good fit on the key.
The hole size needs to be a few thou greater than the ‘across flats’ dimension. Open the hole at the top to the ‘across corners’ dimension just enough to position the key. You do have to sacrifice a key here – preferably make a holder by drilling a blind hole into a small length of mild steel a few thou smaller than the A/C dimension and, asuming you are doing this in the lathe, using the tailstock chuck, broach the key in to the holder until it stops.
Putting this holder in the tailstock drill chuck , you can now, if you are happy this will not stress the lathe, use this to broach the hole using the small recess in the workpiece to align it. A small holder to grip in the chuck to centralise the workpiece if neccessary can also help but the closed jaws may suffice. (you can also use the drill press but you need to ensure the tool is perpendicular to the workpiece or rather the hole is axial to the broach). As previously mentioned grind the hex key off nice and square but preferably don’t debur and use a good cutting fluid to get the best result.
As said it all comes down to material and size depending on size a fair bit of force is required relative to the small amount to be removed so be careful not to over stress things.
Hope this helps – Ramon