no the hone will not work I started doing this about tens years ago when I did a DSA 0%
I had to drill out the hole with the largest bit I could find
then I used a series of round files I have a OSI jig which made this easier for me. to line up the hole.
I don't own a bridgeport nor do I need one its easier by hand
hones are great for truing the interior brake cylinder, but not cutting a new one