Pressing a Bearing

You might consider a small hole gauge or telescoping gauge. Pin gauges are tough to use when precision boring. You can also talk to a specialty reamer maker to see if they can make a reamer that will work. That would be an attractive option if you plan to do this often.
 
Thanks for all the input guys. I was going to drill and ream on the mill, but if boring is the better way to go I’ll be figuring that out. So far all my boring for anything has been on the lathe. I’m thinking I’ll look for an appropriate sized pin gauge as micing an id is tough.

You could just make your own specific pin gage to the size you need. You should also be able to obtain an undersized reamer to finish your hole, or even an adjustable reamer - it's not really a precision operation. 0.4995, 0.4996, 0.4997, 0.4998, 0.4999 should all probably work just fine. Do some experimentation to find the fit that is most acceptable to you.

As for your second question, as long as you properly press the bearings into their housings (have the housing flat and press from the bearing outer edge) and not hammer them in, alignment shouldn't be a problem.
 
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