I much prefer a tapered hand reamer to auger out props, rather than the stepped reamers from the hobby store. Scott Riese turned me on to that. It is possible to get a better fit, but takes a little more patience, as you have to work up to the right size. Experience helps, actually. One size fits all! Buy it at your local hardware store.
I haven't yet used the hand reamer on a carbon prop, but would do it in a heartbeat. A drillpress sounds like a scary deal...especially with a carbon prop. The carbon props probably don't have a whole lot of CF tight to the hole, so you'd mostly be cutting epoxy, not a big deal.
IF you have to drill a CF prop out for a shaft extension, then you'd better ask Randy Smith how to go about it! I'd like to know, but I'd also like to avoid that excitement....
Steve