So I imagine you are intending to remove the thru hole and replace it without changing the hole size? I would start by removing the hose so that you can measure the outside of the threads as woodster suggests. Then you will buy a new, like-sized fitting. It's a pretty good bet that the existing hose matches the diameter of the fitting, but it doesn't hurt to verify.
It doesn't make sense (to me) to attempt to change the hole size for this purpose. Drilling a larger hole where a hole already exists is a tricky business, as I'm sure you know, and I wouldn't do it on my boat below waterline unless absolutely necessary. (Actually, I had the yard do it above water line when I had to change my exhaust port from 1.5" to 2" - they seemed to do it well).