For fly rods I found commercial power reamers to be too steeply tapered over their short length. So I used longer sections of fiberglass rod blank sections to make my own set of reamers. For grit I cut 1x30 sanding belts (120 grit) lengthwise and spiraled/bonded in place with Rod Bond. From steel rod I fashioned metal inserts for chucking into my drill. These inserts are bonded into the broad end of the blank section and look and function the same as the commercial reamers . My home made reamers have tapers that better match the fly blanks I build on. Reaming is uniform, as I only enter the grip from the bottom - no high or low spots.
These two reamers cover from ~.250 to ~.450.
Regarding Inletting, I only build fly rods so only require a narrow range of inlet cutting diameters. This tool, used to square the ends of pen making wood blanks, allows me to cut inlets ranging from around .750 to .800. The tool blades need to be kept sharp, and cut to ~.750. I glued a piece of sanding belt paper to the tool's barrel so after cutting to .750 with the blades, I turn the barrel around and the sandpaper expands the size of the hole.