Thanks for watching :)
I drill all my holes with a $300 drill press and hole saws... They're even cheaper.
A nice Milwaukee hole saw around that size is like $7-$8 at Home depot, plus you'll need the arbor thing is runs off.
Those things are SHARP when new, and they'll go through anything. If the steel is non-hardened, grab a bottle of "Dark Thread Cutting Oil" while you're there and use it liberally in a drill press or anything that turns slow.
If it IS hardened steel, you'll make the cut but probably destroy the hole saw. I'd just buy two and go for it...
Good luck :)