I'd probably drill about 0.005" under on that before ream. I wouldn't worry about over under reamers here. There's a time and place for that, but for a one off job, just take your pin in a drill chuck and with a narrow strip of emery cloth just polish the center section out where it will ride in the center section a bit. That'll give you enough clearance to hinge freely, while leaving the ends a nice fit in the fixed side. You can test it as you go to get the fit you want. Either use loctite, or my preference for this would be to slightly peen the ends over to set the pin in place, then file flat.
As to over under reamers, they are certainly the right tool for the job when you "need" to hit a size on a print, or for something very critical. But for shop projects, and a lot of other situations like this (non/semi critical), where it's a one off, learning to make things bigger/smaller with peening, or polishing is a handy skill to have. A ball bearing about 2x hole size given a small tap on a hole will create a nice press fit too. Handy thing to have in your pocket when you only have an onsize reamer, and need to create a doweled joint and want the dowel to remain fixed in one half (slip/press). Little chamfer on the hole, give it a tap on the ball, and it'll tighten that hole up enough to retain the dowel, and have no effect on your position at all. I have a nice "ball punch" made from a chunk of 1/2" aluminum hex, with a tooling ball press in the end. It got used (and borrowed) a lot. I had a smaller one where I brazed a small 3/16" bearing into the end of a steel rod, and used that a LOT for 1/8" sized dowels until it grew legs a few years ago. Always wanted to make an entire set to cover all the bases, but it's not that size critical, and I never really got around to doing it......Maybe someday....
