For whatever it's worth, I used a 12mm reamer bit on my SV650 shock. It was a tighter fit than the "12mm" hole in my stock EX500 shock with only a few thousand miles on it. Using a 31/64" (12.3mm) is probably just as good as stock. As stated, the 1/2" (12.7mm) bit is adding a bit more slop, but we're still talking about fractions of a millimeter.
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*** Unregistered, I'm not your mom and I'm not paying for your parts, so do whatever you want with your own bike. ***
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