Yes you can;D. Use the 1.5 Dia tool, just tell CB the tool is 1.499 diameter..
:-)) I like the lateral thinking, that did not occur to me.
Presumably as the bit would then only move 0.001 out of concentricity I can use a 1.5mm HSS drill at fairly high rpm.
I will give it a try rather than clog / break a carbide cutter.