Several aircraft tool companies in the USA manufacture a rivet removal tool which has interchangable nose pieces for 3/32", 1/8", 5/32" and 3/16" to suit AN470 universal head rivets. It takes a 1/4"-28 threaded drill bit and has a 1/4 " shank. The better quality ones run the spindle in bronze bushings. If you are in the UK, I may have a link for a UK company..............
Air Drills, Boelube & Accessories - USATCO Rivet Removal Tool - Aerospace and Engineering Tools Limited
This looks like one of the better ones. And another UK co.............
Bardolph Aircraft Tools but their site ...........
That's why I like physical catalogs !