Drill bit question

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I don't make Olympians, so I can't comment on the appropriateness of the size. The Fisch 33/64 is a great bit. Would it be better? - Depends on the quality of the bit you use now. Is the entry and exit hole the same diameter, or does the tube fit loose on the entry and correct on the exit? If it is the same diameter, you can't really improve that, other than changing bit sizes.
 
Probably not the bit, although the Fisch might drill faster because of the open flute design. Check the drill press as Butch suggested. Google drill press run out for some tips on how to improve that.

If you are doing wood, Gorilla glue will expand to fill the hole unless you are really oversized. That is all I use on wood. I was blowing up blanks on a large order until I switched to Gorilla.
 
I would also check your pen vice. I have http://www.woodcraft.com/Product/143609/Pen-Makers'-Center-Drilling-Vise.aspx. If my drill bit isn't extremely sharp, the clamping plates tend to drop (tilt) a little. I usually use a tiny wedge to keep it from dropping and having the hole on center at one end of the blank and off center at the other end.
Bottom line though... Good bit, good hole.
 
The German pen-drilling bits are the best on the market by far. Also the most expensive. Drilling a pen blank on the lathe is a one step process. No backing out and drilling some more, backing out and drilling some more. Just make sure your head stock and tail stock are properly aligned.
 
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