You need an MT2 taper reamer, just give it a very gentle touch, not under power! If you insert the reamer with a lot of oil and carefully turn it you may be able to feel as any ding catches a flute and gently cut it away.
Why not metric bearings? When you say Amolco mill, is it just the head or the complete thing with base? What colour is it? The original Amolco was make by A Mole and Co in Watford and painted crackle grey, but later the design was resurrected for a while and made by a company in Baldock whose name I've forgotten, but they painted it crackle blue. I had an old style Amolco grey head and bought one of the bases from the second company so my machine was bi-colour! But the point is that the later machines were being made in the early 90s and the company would quite likely fit metric bearings – and the base I bought had metric feeds. Indeed even Mole may have fitted metric bearings.
I thought the machine was rather nice though too small for me, and I wanted something that had a quill feed for drilling. I did make a couple of modifications to increase the working height range, fitting a new longer key to the back of the column and an extension on the top with a longer and metric feed screw. You also get more height range by using MT2 finger collets, either Myford style with a closing nut or drawbar type rather than a collet chuck.