A drill will be accurate enough, the idea is with a spindle is the spacers and bearings form a pack, and when you tighten it all up it all clamps together.
The spacer tube between the bearings is to stop the side forces crushing them and stopping this happening.
If eliminating all of the play was a function of the holes, you would need a small press to take the spindle out...
If the spacer forms a bearing (swingarm bush for eg) or sits inside another bearing, then the tolerance for that diameter will be tighter. You'd then want to drill say 0.5mm undersize and ream to final finish.
Thanks for that, I will just drill them out, the spacers are then going to be welded to a swing arm, so I might have to run a reamer down after welding.