DeepDiver,

How much is "a bit"? A hole saw was never designed to cut precise holes.

Hole needed 1 1/8", overhang 1 5/16". See picture at:
http://home.earthlink.net/~alank2/image001.jpg

Hole needed 2 1/4, in this case underhang 2 9/16". See picture at:
http://home.earthlink.net/~alank2/image002.jpg

Panel is something like:
http://www.mikesarcade.com/cgi-bin/s...&sku=MSPACCPUR

I was thinking about using a 6pc kit with built in arbors such as
http://www.lenoxsaw.com/aholswkt.htm , but you've convinced me to do
otherwise!

I have found that my drill press only goes down to 585 rpm at the lowest
speed.

You said you don't want to spend too much on tools, yet that single-point
hole cutter by General is less than $11 and will cut perfect holes (and
I've
seen them sold at local hardware stores, so you don't have to order it).

Do you think I can find one at Lowes or HD ?

You
can use it to cut your 1-1/8" holes too, although it will be more
time-consuming than using a step drill bit like I suggested previously.
Since you said you have more than 10 holes to cut, you may have to sharpen
the HSS bit once or more during the job.

I got you.

The best would be water-soluble oil, as that has the greatest cooling
properties (to protect your powdercoat finish).

Is this something available a Lowes or HD as well? Would it be in the
cutting/drilling section?

Once again, thanks for all your help, I really do appreciate it!!!!

Alan