In the photo you see an original blade with 1 1/4 inch hole (satin finish). It is resting on top of a new 9 inch 40 tooth carbide tipped blade with a 5/8 inch arbor hole (chrome finish). You can also see the special mount that requires a 1 1/4 inch arbor hole. The blade fits onto the shoulder on the left piece. The nut on the right screws onto the fitting at the left to lock the blade between the two pieces.
I used a marking pen to outline the size of the new hole on the carbide tipped blade.
Step 1: Mount the blade for enlarging the hole
I glued a scrap piece of fiberboard at the center of the plywood disc and marked the center while the lathe was running. I scribed a 5/8 inch circle on the scrap of fiberboard.