A brief note to round off my experience, and also to eat humble pie. Martin's original suggestion of reaming the holes from 12mm to 1/2" was far simpler and when I realised that I would be losing a maximum of 0.2mm of stainless around the hole (of which probably more than half had already been lost by the wear causing the issue in the first place) it was also obviously the most sensible.
Lacking Martin's skills I found a man who owned a reamer and knew how to use it; it took him about five minutes and I was undercharged accordingly. I took care to order new 1/2" bolts that had long enough shanks to ensure that the threaded part did not bear against the gudgeon plate, which entailed some packing washers and cutting off the over-length part of the thread, but that was within my skill set and took 20 minutes. Total cost inc labour about £30.
What did take at least an hour was getting the bolts into the holes as needless to say the holes weren't in perfect alignment and all is now very tight indeed, but after a great deal of sweating and swearing I now have a totally clonk-free rudder which is still feather-light on the wheel but doesn't wake the crew any time a wavelet hits the boat. Should have done it years ago.
Of course every silver lining has a cloud, which is the next post.
Peter Dann
Blue Moon 325/32