I grabbed a bimetal holesaw from mitre 10 for $46. $16.50 or so for the actual bit, and $30 for the arbor. Worked a treated, but boy it doesn't take much for the lubricant to start steaming. I didn't end up with the neatest of holes, but cleaned the edges a bit with a half round file. Spose the neatness doesn't exactly matter since the hi temp silicone washer, and stainless steel washer seal up and cover the area anyway. Oh, and the initial drilling of the hole itself only took around 5mins tocomplete.
Cheers
Cheers