Hi - thought some of you might be interested in my approach to fixing this common problem. I've seen a few posts on this from other contributors so I know there are a range of options.
If I'd had my bike completely dismantled my favoured approach would have been to weld up the worn parts of the stand and frame lugs and then drill the hole back to the original centres to 1/2". That wasn't really an option given the time I have available.
The holes, of course, wear egg shaped. All the wear is on one side - so If I simply tried to drill them out and make an oversized spindle, they would not centre on the original centres. So I first of measured the bejasus out of all the holes and concocted a cunning plan. I discovered that a 15mm hole would still leave plenty of meat around the frame and stand lugs and would completely clean up the worn sections. Actually 14.7mm would have done it - but I have a 15mm drill and not a 14.7.
I fitted a burr to my high speed drill and created a 'worn' patch opposite the real wear patches and the same radius from what was the original centre. That took me to 14.5mm across the two wear patches. I then did the same at 90 degrees to both so I had a hole on the correct original centre, roughly round and roughly 14.5mm. I then drilled through with my 15mm drill which left me with a hole still on the correct centre, approx 14.9mm and not as round as I'd hoped. Small wonder - the drill was hand held. So next I got out my expanding reamers and started reaming the hole to be round and 15mm. This is the hardest part - your reamer has to be very sharp and still it's tough. But I persevered and was happy in the end that I had a round 15mm hole on the right centre. I repeated with the other 3 lugs. Of course I was aware of the danger of creating lugs that were on a slightly different angle to eaach other - because all this was hand held and aligned by eye. Nonetheless - I was pleased with the appearance of the results.
Next I turned up a new stainless spindle, a few thou under 15mm. I made it slightly longer than the original and put a slight taper at one end to help it engage the lug bores. I drilled split pin holes in each end - but these are for appearances since I wanted to fix the spindle in the frame lugs. I wanted to do this so the spindle would not turn in the frame lugs and wear them. Instead I wanted the stand to rotate on a fixed spindle and then provide grease nipples in the stand lugs to enable me to lube them now and again.
The frame lugs already had small holes which may have been there for the purpose of grease nipples in the first place - but I haven't seen mention of grease nipples on stands before. Perhaps people who know more about these can correct me. Anyway, I tapped these small holes to 1/4 whitworth and fitted grease nipples.
My fix to prevent rotation of the spindle was to drill a 4.2mm hole through the left hand lug toward the centre. With the spindle correctly located, I then drilled a witness mark in the spindle, removed the spindle and then drilled and tapped the spindle hole to M5. I drilled out the lug hole to 5mm and made a small M5 bolt with a tapered end to help find the threaded hole.
It has all assembled really well. It's a slightly stiff fit in the frame lugs (small misalignment probably), but an easy sliding fit in the stand lugs. The grease nipples are accessible and at first glance the assembly looks original - until you notice the M5 bolt.
The acid test is when I get the front end finished (another saga) and pull the bike up onto its stand - will the rear wheel clear the floor like it should ? I'll let you know.
R