You will find this sort of thing in Machinery's Handbook but if it is a non-critical application going a bit below nominal and getting a flat crest on your thread is probably okay. I would use about 98% of the nominal diameter.
Your choice of drill rod I would query; it can be a pain to get a good finish in the annealed form. If strength is not an issue use leaded steel, 1018 or 1045 if you do need something stronger.


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