The proper way is to use a reamer. The reverse drill method is less exact and you'll need a very large drill for a bass tuner hole. Saying that, you'll need quite a large diameter reamer as well!
You'll only need to do the very top edge very slightly. Once you get the first bit of the ferrule in, the rest should follow if you press it in with a clamp.
Alternatively, a large round file or sandpaper around a stick etc.
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