The hardwoods necks are made of don't compress very well - almost not at all, for all intents and purposes - so as much as you want your tuners as tight as possible, you don't want to be too tight. You might even split the peghead if you force the issue. But with both of those sizes you're only off by thousandths. If I had to choose between the two, I'd use the 7/64" bit. It's not exactly right, being .008" larger, but the 3/32" is .008" smaller. Schaller is a premium manufacturer, so they keep to their dimensions better than, say, a Kluson or Grover part. Better to be safe than sorry, which is also to say that for the $4 of $5 you might pay for a bit, it's not a bad idea to use the right size. You'll beat yourself silly if you screw up a $300-$400 neck over $5 and/or laziness.