Drill Blanks are used as hole size adn bushing gauges. The may also be used as guied pins for die sets. Tolerances : +.0000 -.0005 thru 1/4"
Use these to check the hole sizes you are drilling. Keep one by your drill press to double check how round your holes are. Shorten these to length with a cut off tool.
Depending on your drill bits, a loose press fit with these will be right at dimension. In practice, a couple thousands under will give you a tight press fit. Most drilled holes are actually a couple thousands over to begin with. For the clearance fit, if the same dimension drill bit doesn't give it, no more than a a couple thousands over dimension will give you a good fit with little play.