Serge,
By far the best way to enlarge the shaft hole in a propeller is to use a piloted counterbore. There are two types. Either fixed pilot, (integral), or removable, (interchangeable). They are available from McMaster Carr and are fairly reasonable when one considers the accuracy they provide.
Just go to the McMaster Carr website
https://www.mcmaster.com/#counterbores/=1amkwt7 and select "High Speed Steel Changeable-Pilot Counterbore", for the counterbore, or select "Steel Pilots for Changeable-Pilot Counterbores" for the pilots. Just make sure you match the shaft diameter on the pilot to the hole size in the counterbore. They come with different shaft and hole diameters. They must match. Sorry I couldn't get the direct link for each to work here. They can be used by hand, but for best results, use them in a drill press.
I use the removable pilot type, as it gives me more flexibility than with the built in type.
Also to reduce the shaft hole diameter, one can use brass tubing cut to length as bushings. The brass tubing is telescopic in sizes and are very accurate giving a nice fit without having to ream to size after installation in the prop.
Dan's method will work, but I find the above to be more accurate and much easier to accomplish.
Good luck;
Larry