Here is a source with some good information:
Baker Racing
Typical sizing is for the hole to be the same size as the shank, although there are exceptions. Use the High strength Chrome- olly with the teflon liner. This is one item you don't want to compromise on. You get what you pay for in this product. The original CSX 3XXX cars would occasionally break the upper rear pivot and the suspension would collapse allowing the wheel to tilt inward with a huge camber change causing a dangerous situation. This was due primarily to materials, poor access and infrequent maintenance of the joint.
Rick