The axle isn't reamed (unless it got damaged, and an oversize pin is being used). But you're correct, it's "plain" drop-forged steel, not a hardened surface. The needle bearings don''t ride in the axle tho, the kingpins are held firm in the axle. The bearings replace the bushings in the spindle, and are externally caged. The internal side of the needle bearings rides on the kingpin, which presumably has a hardened and ground surface.

 

Unless the "hand reamer" has a pilot or is a authentic king pin reamer how can you maintain a concentric bore between both bushings without the spindle jigged on a Bridgeport mill and the reamer chucked?
Reaming one bushing at a time for a snug fit each bushing will not guarantee that both bushings will be concentric for a installed snug pin fit. By the time you get that fit correcting for misalignment you'll have bushings not allowing full contact on the pin and a short service life.
The real deal adjustable KP reamers were $147 35 years ago (.860 for F-250's) with a long pilot and sliding cone to center the pilot in the opposite bushing, I know as I have one and properly ream bushings. This might be the reason why I run 'em 300K plus miles with no looseness, truck passed 900K in 1999.
There is a pilot that can be threaded to a standard reamer end to keep the bores concentric, better but still not as good as authentic KP reamer.
With a machined step drift bushing replacement is a simple home job as well reaming, i'm a stubborn independant bast**d that trusts no one.

On needle bearings, they will have some clearance even when new plus 99.8% of the time you drive straight ahead and the shock load will indent the needles into the shaft in that one position no matter if it's standard steel or hardened.

 

I've seen "genuine Ford" reamers on eBay (in actual '50's Ford parts boxes, appeared to be the real thing). They have gone for about $80 as I recall. They are tapered on the end so that it centers in the lower bushing as it starts to cut the upper.

I had mine honed at NAPA and they did not get them perfectly aligned, just as you suggest. "Next time" (probably 20 yrs from now) I will give you a ring!

 

Honed and reamed are two different things.
If honed they go straight into the garbage can as stone grit will imbed into the soft bushing material and cut up the pin as well end up bell mouthed with reduced bearing contact area.

On another reply about used reamers, caution as many reamers floating around over the years are old and worn out, they will not cut clean unless forced, again not a quality ream to fit job. Better than a rattailed file I might add.

ALBUQ; the proper KP reamer will be aligned concentricly with the lower bushing before starting the upper bushing ream.

ALBUQ check your PM, into "limey scooters?".....=o&o>.....