1/4 inch hole in shifting tower sloppy

[qmdv]

On my 39 transmission, the little 1/4" pin that the slot in the shift lever ball slides over and goes in the hole in the shifting tower is sloppy A letter F drill is perfect. I could cut of a little piece of an F drill and use that . I have been told that you should use softer steel than a drill bit. Can I heat the bit to cherry red and let it cool slowly to anneal it. Is that going to be soft enough