Subtract the thread pitch in inches (1/tpi = .025) from the major diameter (7/32 = .219") for .194". This will give you about a 70% thread. A #10 drill is .193" and a #9 drill is .196". Either should work fine.
The old tool makers used this formula.
Hole Size for 3/8 16 tap = Diameter .375 minus the reciprocal of the pitch 1/16 =.0625 = .375-.0625= Tap drill .3125
This will work for all threads.
This can also be found in The Henry Ford Trade school books!
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