I use the rule:
Up to 8mm diameter hole, drill 0.2mm undersize.
Above 8mm drill 0.3mm undersize.
Dormer recommend the following allowances:
Below 4mm: 0.1mm
Over 4 to 11mm: 0.2mm
Over 11 to 39: 0.3mm
Over 39 to 50: 0.4mm (Good luck with a reamer as large as 50mm)
The larger the drill, the larger the allowance, and I have seen charts suggesting between 2% and 3% undersize.
I agree it is best to drill smaller then bore to the undersized size, then ream, but I seldom bother under 8mm.
I also agree that a floating reamer holder is best. I use one made from the Hemingway kit. Works well.
Lots of neat cutting oil too.
Don't let the flutes get packed, so retract and clean at intervals.
Marcus