Yeah, what he said.
Drilled holes are not even very round, much less smooth, straight walled, and accurate. I would definitely want to ream a folder pivot. The size reamer depends on your pivot pin size. I have .124, .125 and.126 reamers for 1/8" holes, for example. I'd suggest using the least amount of clearance that allows smooth motion. That will be about .001 over your pin size. Standard drill sizes are much larger jumps than that.