Make about a 3/4" hack saw cut in a 1/4"-5/16" dia. wood dowel rod that is about 5" long. Take two pieces of 200-300 grit sand paper that are about 1.25" X .75" and place them back to back in the dowel cut. Chuck in a drill press or hand drill held in a vice. Fit the sprocket onto the sand paper dowel and while holding the sprocket by hand, turn on the drill. It will self center if you don't force it.
If you held the sprocket in a vice and used a hand drill, you would be more likely to make an off center enlargement.
With only 0.4mm to remove (0.2mm [two sheets of paper] at any one point) you could also just wrap a small piece of sand paper around a 1.4" dowell, hold the dowel horizontal, place the sprocket on the dowell and spin it by hand. This method will not work if the part is hardened as I suspect it may be.
