blockmanjohn said "Does this sound reasonable", no you cannot use the parts that need to fit together to use as laps against each other, you will end up with an oversized sloppy fit. Get a high quality RH cut LH spiral reamer for your guide, they make the most consistent and nearly round as possible for a reamer hole. whatever size hole it makes, if you cut all the guides the same at least they will all be identical. Then use 1000-grit wet-or-dry paper on a stem to get it to a fit that you cannot detect any slop, measure it with your Starrett vernier mic good to 0.0001" and make as many as you need
that same size. they will probably not be exactly 0.1562" because the size hole a reamer actually makes depends on how it was sharpened and what type material it is cutting, and what type cutting fluid you're using, and at what speed you cut.
do not press fit this guide into the head, that will shrink the hole and the valve won't fit anymore (don't ask me how I know this!), instead loctite the guide in.
I have to ask one more time, since you say you're using 5/32 drill rod that sort of implies the valve head is separate from the valve stem, if so read my previous post.
Finally, brass is bad because it galls on steel, use CA544 leaded-phosphor-bronze or CA932 leaded-bearing-bronze.