At the Cuvilly barn repair project, but on by the Guild, we learned how to cut a two blades scarf joint for post repairs. I took several photos of the process that I could forward them to you if you wish. But these posts were not attached to a standing structure. So we could roll them on our benches. However the instructors said that this was the common joint they used to fix post bottoms in standing buildings. I'm not sure what procedures they use to cut a repair joint on a standing post, but it can be done.
When we pegged our repairs we use straps and come a long to pull the joints up tight and then bored the holes straight through the joint. Although we did angle each of the three holes different from each other. One was pointing slightly up, one was pointed slightly down and the middle one was straight or perpendicular.
If you draw bore your holes as much as a 1/4" as mentioned you could put excessive stress on the pegs depending on the size, type of wood, and amount of relish. I was taught that 1/8" was standard, but to each there own. Not saying 1/4" is wrong, but it depends on site specific situations and conditions. Good luck with your project. Jim