Mike, you are correct and I went to town yesterday and found a 1 5/8" forstner bit. Did a test run in a piece of oak
and didn't approve - to sloppy!
The two rear washers where done with the 1 1/2" and I finished the other four with the 1 1/2 and carefully sanded the washers to fit!
One (or several) remark(s). When one buys and old piece of equipment one can't be picky, one wants it and knows there is work ahead and I never bought a 'rebuild' and was happy when it sits in my shop or garage. Same with this 1953 1/2 ton.
But some 'corner-cutting' I hate with passion. Examples: I take the nuts & washers off from below and notice already, flimsy, paper-thin SS washers with SS nuts, but mild steel lock washers in between! Next, I knock the carriage bolts up from below, clime into the box and try to pull the bolts out. The short bolts came, but the foot-long suckers in the front came until the threat hit the spacer blocks and it was over. Using a 5/16" long punch from below didn't work because hitting the bolt from below center-on didn't work. So, I put my hole-drilling template on top for protection and used several 'right-height' blocks to leverage the suckers out.
The problem was (and still is) that the 3/8" thread on the long, Chinese SS bolts is rolled-on, not cut from 3/8" material and the previous owner didn't open the blocks so the bolts can freely slide in. The later I fixed.
All nuts where only hand tight, one didn't even meet the frame.

Doing that, I noticed hammer and tool marks on the painted sides and angle strips. Now I have to figure-out the color and if possible the paint type & mix to carefully fix thus chip-marks

.
Now the holes are done and coated twice, waiting to dry so I can install the washers, bolts & good heavy SS washers with SS nylock nuts.