Probably depends...what your bushing material is, if it is flanged, & what your wheel is made of. Lots of wheels these days are plastic, and there are stamped sheet metal wheels, both have a lot of 'give' for a tight rebush, a third type might be made of aluminum.
Although the stamped sheet metal ones are usually 'formed' in the hub area, to help hold bushings in each side of the wheel, and if you just 'drill it'...losing that 'factory formed hub', it won't take much of a load before breaking...unless you tack weld the bushings (both sides) to the stamped steel wheel. It is probably best to have a long bushing that will reach from one side to the other of the wheel, this generally gives the stamped steel wheel additional support from caving in, due to occasional heavy side loads. Tack weld both sides if possible for even greater strength.
If it really must be tightly installed I guess one size smaller than 3/4 is probably good enough,..... hard to say depending on your load, if it will truly be long lasting.
wwxx