Mike, A 1/2" "paddle-type" wood boring bit works great. Snap off the tip so you have a flat end, then slip a 1/2" deep well socket over the shaft from the back so it hangs down over the paddle. This will keep the blade from walking off the oil pump shaft. Then chuck it in your drill and let 'er rip. I've been told this is dangerous because those bits are brittle, but I've used mine many times over the years with no problems. The TA piece is great if you can wait until it gets delivered. But if you need one NOW, go to Cheapo Depot and spend $5 for a bit. Here's a pic: http://mywebpages.comcast.net/jholthenrichs/hardway.htm#Oil Prime Click on the "Prime Your Engine" link...
I use the same method as Yardley. The bits are usually thinner than the groove in the pump so I wrap mine up in electrical tape. THis has the added benefit of preventing it from that feared shattering.
tool The reason i asked was that i was thinking of making a tool like we use on chevys that has a housing so the shaft can,t get pushed on and drive the gear in to the pump housing and send metal tru the new engine. mike