To add to what Crist is saying: the APC prop holes are not necessarily concentric. The back hole (the one that fits all the locating rings) is the precision hole -- the front hole is just for clearance to pass a shaft through. So you don't want to drill out the front hole and use it to locate the prop, unless you're a good enough machinist to bring it into concentricity with the rear hole.That's why Crist is recommending that you just drill the front for clearance, and use the rear hole (with a bushing) for location.
Is this true for all APC props, or just the electric series ?
I don't think the other props come with the locating ring, so no, it wouldn't apply. It would only apply if the prop comes with a locating ring.