To follow up my original questions, I tried cutting the following diameter holes using a 1/4" endmill pocket operation, and then testing with my 8mm dowels:
8.00mm → Too tight
8.05mm → Tight
8.10mm → Perfect fit
8.15mm → Teeny amount of wiggle
Based on the above, I’m going to use 8.07mm diameter holes.
For the record, I was testing the following 8x25mm metal dowel pins:
And the following 8x25mm wooden dowels: