Kroil would work, but cutting fluid would be cheaper. Heck I used 3 in 1 oil and it worked fine. Use the chuck from your drill press to hand turn the cutter(if you can remove it from the press) or a t-handle. Just be easy with the t-handle and dont put too much side to side pressure.
Here are some reads on how to do it
http://www.gunblast.com/Brownells_Reamer.htm
Page 4, Ruffbirds comments has good pics of the process
http://www.rugerforum.com/phpBB/view...r=asc&start=45