Sleeving an oversized pivot
When you have an over-sized pivot hole you need to fill that space. You have some options here - some people fill the entire hole with epoxy and then re-drill the hole, some use a combination of a sleeve and the epoxy. I just sleeve it as close as I can get it. My theory is that these razors have been riding around on 1/16 rods for about 100 years so any thing tighter will probably last another 100 years.
I have a few different sizes of brass tubing in the shop starting with this stuff with a 1/16" inside diameter hole, all of them slip into one another, so I can increase the size of the outside diameter without any trouble (I use the same principle for making brass center pins).
This is a fast simple solution to over-sized pivot holes, you can probably do without this but as the razor moves and loosens in the scales you can run into problems with the edge hitting the scales and/or wedge it is just way easier to just throw a fast sleeve in there and eliminate any of these problems before they arrise.