I bought a MT#2 finish reamer from Grizzly for $40.00 as I remember. I bought the set of MT#3 and will be delivered on this Friday. I only needed the finish reamer to clean up the head stock on my Atlas 10F. I feel you need to rough cut the taper and then use to rough cut reamer to get closer and then the finish reamer to finish. Just MHO.
I am following this closely. I have at least 3 female morse tapers that have been treated roughly. So far, I have been afraid to address the issue, for fear of making the problem worse. I look forward to your experience with this. I assume you have measured existing runout, and that has led you to this solution?
I don't have any experience with the import $15 reamer but 4 points.
1) The grooves in the reamer are spiral, not circular, so one complete turn cuts every element of the taper.
2) When you "ream" to clean up an existing taper, only remove the high spots. Don't worry about 100% cleanup of remnants of low defects.
3) Turn the reamer by hand using a wrench or socket. Use light pressure on the reamer and your socket should clean right up.
4) Now that the socket is cleaned up, you need to check every male tool before you use it again and stone off all high spots.
I rebuilt the spindle on a 1932 Francis Reed drill press with an "import".
Someone had used a large bolt, and hand ground it to a MT 2 taper. It destroyed the spindle, with no chance of repairing it, so I stepped up to a MT3. I used the "corncob" style, with GREAT results. No finish reamer followup. It locks up solid!
I bought one (M3) to clean up my tail stock on my South Bend. I remember mr. pete said , "never spin them backwards". I put light pressure and cleaned up the high spots. I have very good lock-up in my 77 year old tail stock quill. If you live near Chico, Oroville, Sacramento, CA. I'll loan it to you.
The center drilling in the ends of the reamer are used in manufacturing the reamer, likely for turning milling flutes, and finish grinding and grinding the clearance on the reamer. Also I note that nobody posting this says anything about using cutting oil when preforming these cleanup jobs; I'd use Tap Magic for any sort of reaming, or any other machining job where lube is used, for that matter.