Got to the yard to play a little bit. Couldn't find a later model tundra with the 12.2mm through hole but I did find some toyota knuckles.. the internal threads will do a better job of centering this cheap-ish 14mm step bit, but it at least cuts the metal without issue. I have the stuff on the way to bolt on 16+ brakes and before long will pull one of my calipers and rotor and attempt using this tool from the back side just to see how well it stays centered. My thought is if it is a problem as long as I don't take out much metal I can toss the stock bolt back in and regroup.
I also tried a sharp 9/16 bit, as well as a reamer.. for the latter, absolutely terrible. Too much metal to cut, I'm guessing. It tended to start wobbling in the hole, and with the number of flutes was barely cutting anything at all. On the sharp bit, things were going well with a fair amount of speed and light pressure, then it grabbed and twisted.. which chipped the edges of the cutting faces. With a method to provide even pressure and stabilize things I think a sharp bit could work, but free-hand with a drill it will be a problem.
I didn't get a bunch of pictures but this seems the most promising method. I'll update and start a dedicated thread as I get this put together. This will still need to be enlarged to 9/16 aka 14.2-4 mm and at this point I believe the reamer will be a problem for even this cut. I have spent a bunch of time looking and can't find a straight 9/16" step bit. If someone knows how to find one.. please post.
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