bismol, welcome!
I'm doing the same project myself,... I just got my .22 Hornet barrel from NEF today.
There are many people here that are much more knowledgeable and capable than I am. I'm in the same boat as you (a gunsmithing novice). I did a lot of research and found that renting a good reamer and "T" handle was quite costly. My understanding is that a head space gauge is also needed to determine depth of cut. In addition to the tools there are some supplies, like a good cutting oil, that need to be purchased. The costs, I believe amounted to about $60-$70 for the tools and supplies.
Take all this with a grain of salt. I'm just repeating what I was told by a number of sources. I was also told that the reamer pilots are not long enough to insure a straight and square start into the chamber for the cutting process,... you really need a milling machine to insure accuracy??
What this all boils down to is that I was concerned about undertaking this project and messing up my new barrel. I've located a couple of gunsmiths both locally and over the net that have quoted me $75 to do the conversion from .22 Hornet to the .22 K version. I plan on sending my new barrel back out on Monday to have the job done by a pro.
Like I said, take this for what it's worth. I know that there are members of this forum that could do this hands down, but I'm afraid that I'm not one of them :?
Best of luck with your project