Hi Nick, I will try to explain what I remember of using 5 bladed adjustable hand reamers, this is roughly 50 years ago...firstly, you do not measure the reamer to set it, a reamer is picked to go in to the bush or bore that has to be enlarged...the bush must be a ''one piece'' no splits as must be any bore you are cutting, otherwise the reamer blades will catch in the split and set up a chattering or very poor finish...if the bore needs to be enlarged by up to 10 thou. then pick a reamer that when the blades are pushed in to their smallest setting , the reamer wil fit neatly into the bore, then proceed to expand the blades a little takeing about 2-3 thou per timefor each cut...remember measure the bore Not the reamer...keep winding the blades out a little at a time until you get to the required size...some folks used a loose guide to help keep the reamer true, also lots of light oil to clear the ships...hand reaming with these reamers is an acquired skill and I do hope I have explained this sufficiently to let you get on with the job...
All the best for now and good luck,
John.