I remember that Jerry from Memory Lane said he used a burr instead of a drill bit and that he ran it in reverse , I guess that if you used a regular drill bit there was a slight danger of the bit sometimes "catching" and possibly cracking the hole?
This is one of those short and long answer questions.
The short answers is: Yes it will work.
The long answers is: It is wrong. The hole circle diameter should be slightly smaller to move the spoke hole inboard a little to retain the same material thickness from the spoke hole to the edge of the flange. The flange thickness should be increased to match the longer J bend of the bigger spokes.