Yeah bearings need to be fitted very precisely to avoid abnormal wear.
Is $12 better?
http://cgi.ebay.com/16mm-Drill-Bit-/...item1c127fb267
Or see if this guy will accept $10?
http://cgi.ebay.com/National-Twist-D...item2557529352
Now that I think about it though, if you drill them by hand chances are the hole will be a bit bigger than the bit since your arm cannot mimic a drill press. That 1/8mm might not matter in the end...