IThe book answer is it really depends on what you're tapping, but for any non SpaceX projects, no you can just go up to the nearest 1/64" fractional bit.
Be very careful with 100% threads, as Bob underplayed how easy it is break threads when running that tight. Metal actually flows a bit as you cut the threads, that's what the extra space in the minor diameter is for, letting the metal flow a bit.That said, most drill bits don't drill their nominal size unless you put it in a mill, so a 13/64 homeowner grade bit is fine for a 1/4-20 hole.