I'm sorry Peter, I misunderstood. I always try to read some English measurments in where there are none! I maintain that reamers, properly made and used, will cut better than that. I know that. When I ream a .2433 bore for a bullet seating die, it is never .2429 or .2437. A seating stem which is 2430 always goes, one which is 2435 never does. A chamber reamer which is ground to cut .470 at the base, cuts a chamber that size or there is something wrong with it or with my setup (I like to think this never happens). Not .4704. Not .4696. The finish should be good enough that polishing won't change dimension more than a couple tenths. Sadly, this is not always the case. When it isn't, the fault may be with the reamer or it may be with me.
The purpose for stoning a reamer may be to improve surface finish but it may also be to improve concentricity of the tool, alter clearance at the margin or a combination of all three. Now, you can increase clearance at the margin without altering the size of the reamer but you cannot decrease clearance without doing so. You would increase clearance to get the reamer to cut more aggressively and decrease clearance to reduce a tendency to chatter. I frequently stone reamers for various reasons and usually it works out for me. If a reamer is dull though and already cutting minimum chambers, it makes more sense to send it to the maker for a regrind. Regards, Bill.