ok, when buying hose barb fittings, the first figure is the size of the hose barb, or size of the inside diameter of the hose you are going to use (everyone uses inside diameter, i.e. ID). the second figure is the size of the thread, NPT, the part that you use to screw in. npt is always bigger than what the rating is, for instance, a 1/2" x 1/4" NPT is about the same width throughout. but in this case, the second figure is not as important, because you are making the hole, not trying to fit the barb into a premade hole.
so, if you are using 1/2" ID hose, you would use either 1/2" x 1/4" which looks like this
http://dtekcustoms.safeshopper.com/7/9.htm?494
or, you can use 1/2" x 3/8" adapters, where the threaded part of the barb (not what you put the hose on) is actually bigger then the side of the barb.
hope that explains a little.