The replcement sleeve is usually seamless stainless steel tube. The finish standard on the ID is good enough to use with nothing more than a polish. A decent drill press will be good enough to bore out the mastercyclinder. You will need three things in addition to the drill press:
1/. A fractional drill as close as possible to the diameter of the tube OD (but smaller obviously).
2/. A hand reamer the correct diameter for the tube OD
3/. A Drill vice able to securely hold the master cyclinder during drilling/reaming.
Drill the master cylinder, then ream to size. Then press the tube into the master cyclinder using a fair amount of brake fluid proof sealant (Locktite green would work).
Drill the ports, polish the ID, refit the tank and you are good to go.
You will have to use sealant as without the massive bearings in a lathe or mill there will be a certain amount of "slop" in your drilling. The usual form of failure of re-sleeved master cylinders is fluid migrating out between the body and the sleeve OD - the reason why a high interference fit is aimed for when using machine tools - something you cannot achieve with a drill/reamer, but modern sealing materials may come to your rescue.
Good luck