Thanks John. Beat me to it on the "mil". I don't think anyone would think "millimeter" when that term is used.
The use of single and double quotation marks for feet and inches is fairly common and that meaning can usually can be understood from the context. For instance, drawings commonly use those symbols to show inches and feet AND minutes and seconds of arc. The type of dimension usually makes it obvious which meaning is intended. But it would be better to avoid them if there is any chance of confusion.
In an area of knowledge like machining where there is a real need for precision in not just things like physical measurement, but also in other, more cerebral concepts, there is a real need for using precise language.
On making that 1/2 inch hole in SS, I think I would use the reamer unless there is a real need for great precision. To my way of thinking, using a boring bar in a boring head for such a small size is going to be challenging. Sure, it can be done, but you may need to grind extra clearance on a stock boring bar and that extra clearance will need to extend for the full depth of the hole.
Just saying that you have a reamer that size does not address the fit of the shaft. And you do not say what type of fit is needed. Reamers are generally available in 0.001" increments. In addition, you can get "over" and "under" sizes for, at least, the round number values like 1/2". Without looking I would guess that there are stock reamers in 0.0001" increments from 0.4990" to 0.5010". And perhaps even sizes between those small increments. Shafts also can vary in size and then there are tolerances.
You need to consider what that shaft is going to do in that hole before you can choose the proper diameter shaft, tolerance, and reamer size or the size that a boring head would be set to.
An aside: The term "mil" has historically been used as a shortened variant of "millinch" (0.001 inch), especially in the sheet-stock and electronics industries.
I strongly discourage using "mil" or "mill" as a shortened form of "millimeter", and equally strongly encourage questioning any use of "mil" to verify the user's intent.
For similar reasons I discourage use of ' and " in written communications, as the same ' is commonly used to specify 1) feet, 2) minutes of time, 3) and minutes of arc. Similarly, " is commonly used to specify 1) inches, 2) seconds of time, and 3) seconds of arc.