Hello 
Clayton:
It looks like my 1/4" brad 
point drill bit is cutting a few thousands oversize.  My 1/4" brass arbors are 
too loose of a fit.  Have you developed a favorite method of tightening up the 
fit?
Tim
Aloha Tim, I have noticed that some of 
the better Brad point drill bits do cut oversized drill holes.  
I have two sets of drills.  One set of 
Brad points is from Lee Valley, and is what I use if I am going to put a number 
of pieces on a rod or tube.  This is because those LV bits cut oversized and the 
pieces to be glued together will be somewhat tight, but still easy enough to 
slide over the rod for glue-up.  
The other set of Brad points that I use 
are the cheap Vermont American "Wobble Point" bits (wobble point is not really 
their name, but the points do wobble.  Ha).  Those are the correct size for a 
true press fit.
If the fit is somewhat loose, but is 
not truly critical that the fit is super tight, I simply spit into the loose 
hole (okay...sissies can use a drop of water) and then the natural swelling of 
the wood fibers holds the piece to the rod.  
For something that needs a true press 
fit tightness, and I mistakenly drilled it with the slightly-oversized Lee 
Valley bits, I simply use epoxy or CA to keep the part in place on the 
rod.
Enjoy!
Aloha.  Clayton