OK so I needed to cut out a round plate , and did not want a pilot hole that you get from a hole saw. So I tried this , and it worked out pretty good ! basicaly your still use a hole saw to make a guide in some wood then remove the pilot bit , and sandwitch the metal in between the wood clamp it and drill it out !!!
That also works when you need to cut a hole bigger than the original holesaw hole. I also use it while woodworking. Many time salvaged doors will have a smaller than standard lockset hole. Pilot from the outside instead of the inside!
I used that general technique when I had to redrill all the gauge holes in my '29 ccpu for larger Wings instruments, a few years ago, and did not have to repaint the panel.