rcmonster sells a bore reducer that will allow the use of 5mm bore pinions on 3.17mm bore motors. it's cheap too
They say a good mechanic only needs 2 tools - WD40 & Duct tape. If it moves, and its not supposed to, duct tape. If it doesn't move, and its supposed to, WD40.
Look for Mod1.0 pinions with a 5mm bore. Then, get the 5mm to 1/8" bore reducer. As far as what tooth count to get, we need to know about what speed you are looking to attain and the voltage you plan to run.