composite cutting tools materials

Generally speaking, Yes. But the result will be brittle, a direct cutting pressure would work fine, but if the drill started to walk it would snap like a dried up twig. The reamer, not so much. Reamers are used to size holes, and as such the often follow the existing hole, if the shaft were make of, say High Speed Steel, and just the cutting edges were of your new material, it would work.

Have you given any thought as to how you would sharpen it?