I will soon be fitting my gear The plans call for a 7.9mm reamer to drill out the gear mount for the 5/16" bolt. I guess this is necessary or they wouldn't specify it but I calculate that a 5/16" drill is only 1.5 thou bigger.....
For most close tolerance fastener installations involving non moving structures ( like a spar) there should be a slight interference fit. Typically it is .0005 to .0015 Do not turn the reamer at high speeds.
This is for softer metals structure such as aluminum and bronze, and the fastener being installed is steel or equivalent.