What I have done in the past for metal panels, since I don't have a 1 1/8" metal drill bit, and because I bought a metal cutting holesaw that size and smoked it in two holes (although it was on a THICK steel panel), is this.
I draw the circle for each hole on the panel, and then I drill it out using a bunch of little holes with a smaller drill bit. Once the button is in it looks perfect.