It depends on what accuracy you want, and for what application. More information please.
Drilling 12.5 then finishing with a 12.7 drill will give an accurate hole by drilled hole standards. (or drill 31/64 then 1/2″) But that is not accurate enough for some precision work. Drills usually drill a bit oversized and wander about a bit.
Drill to 12.5 then ream to 12.7 will give you a more accurately sized hole. Reamers can be bought to make the hole different “fits” on a standard 1/2″ pin etc. Or you can ease it out with an adjustable reamer.
Drill to about 12 then bore to 12.5 then ream gives the most accurate result as far as hole size, finish, hole location and hole orientation goes.
What is it that you are making and what function will the half inch hole serve?
And you can drill a half inch hole in a Myford with no worries at all. I use a 1″ drill with the shank turned down to fit the tailstock chuck on mine. For a half inch hole I would drill a 1/4″ pilot first, then proceed as above.