Stanlaurel- be happy to help you out, but I'm one of those forum guys who's good with his hands but not computers. The procedure is very simple, though, and any tools you are not familiar with you can look at very easily on a Google image search.
The whole process is done by hand. No drill motors, no Dremels, etc. For opening the shank, I use a plain-jane 5/32" twist drill bit. Brand-new is preferable, because a dull bit may grab chunks of briar and tear instead of cut. Chuck the bit into a T-handle tap wrench (the kind that comes with a tap and die set) and you're ready to go.
Look down the hole in the stem with a flashlight to get the lay of the land as far as the original drilling goes. Even a straight shank can be surprisingly off-centered. The objective is to follow the original drilling and open the airway without changing any angles. Unless, of course, you don't like the way the hole enters the bowl. In that case, it is possible to "pull" the hole in the desired direction. But for our purposes, let's assume you like the drilling, it just needs to be opened up a bit.
The angle of the flutes on the jobber bit (jobber just refers to standard-flute, non-tapered, 3" length bit) are going to help you start centered as you begin to gently twist the t-handle. You are not so much drilling as you are "shaving", if you feel resistance, STOP! Back the bit out ccw (don't pull straight out) if this happens. Continue "shaving" gently, removing the bit often to check your progress. Since you are proceeding so slowly and gingerly, there should be no danger of the drill bit shoving through and marring the opposite side of the bowl. However, as you approach the bowl end of the draft hole, you want to be careful not to grab chunks and chip them out. So, the last few twists as you approach the bowl should be even slower and gentler. When I do it, it almost feels like as I turn the bit, I am pulling the tool back toward myself as soon as I feel it scrape briar. This will insure you don't chip the draft hole. Once the bit is all the way through, remove it by turning CLOCKWISE as you pull it out. This will help smooth out any machine marks the bit left on its way in.
The procedure for a bent shank is identical, with the exception that is even more important to get a good look inside the shank to make sure you are following the correct hole. In a bent pipe the hole for the mortise is very often a different angle than the airway hole going into the bowl. Be advised, the bit will gladly follow that hole if you let it, right out the bottom of the bowl!
Opening the stem is just as easy, but you have to be just as careful. The 5/32" tapered drill bit will center itself well, but you still have to visually check that you are following the desired axis. One of my shortcuts is to place the bit along the side of the stem to see how far in I want to drill. I then use black sharpie to mark a "do not exceed"line on the bit itself. How far in you want to go on the stem is going to depend on the existing architecture of the stem, and your personal preference of draw. Do a little, if it needs more, go a little deeper. Some people care about getting too close to the slot for fear of ruining it, others blast right through and don't care. Those details are all up to you.
Hopefully this technique helps you as much as it has helped me. It has turned some real pieces of crap into pretty good smokers for me. If you have any other questions about it I'm glad to help out. Oh, BTW, I forgot to mention I was able to find the tapered drill bit at Lowe's here in town, so theyre not too hard to find.