I need some advice on using a hole saw.

I've drilled 9 out of the 36 holes I need and I'm looking to speed up
the process a bit.

Here's where I'm at:

- I'm using a 1.25" single-piece hole saw by Blu-Mol.
- I'm using my drill press to cut holes in some old 3/4 plywood,
circa 1956.
- The speed is set to about 750 RPM
- I've been drilling a little more than half-way through, then
flipping the wood and completing the hole from the other side.

The plug is very difficult to get out of the hole saw. It takes more
time to pry the plug out of the hole saw than it does to drill the
hole. The hole saw itself is very, very hot. The wood begins to smoke
before I am halfway through.

Are my problems the result of using a cheap holesaw, the hardness of
the 1950's plywood, the speed of the drill press, or a combination of
all three?

FYI...I making some bat hangers for a school's softball fields by
drilling 1.25" holes centered at about 2" from the edge of 3' lengths
of stock and then completing the U shaped slots on my band saw. I'm
open to other suggestions to create the required 1.25" wide slot.

Thanks!