no no no,PLEASE do not try and use that drill spade to cut metal with. You'll wind up hurting yourself if you actually get through the metal with the tip of the spade.
What you want is a Bi-Metal hole cutting saw. Home Depot sells these. You'll also need the arbor that it connects to. The whole deal will run you less than 20 bucks.
Take it slow, wear safety glasses (you only have one set of eyes ya know!), and you'll be fine. A drill press is best used for this, but you can do a pretty good job with a hand drill if you're not rushing things.
To get the sheet metal, measure out the size of your control panel, then head on down to the metal supply company. They'll cut the sheet metal to the size you want. 14 - 16 guage should work well. 14 might be a hair too thick now that I think about it with this going over an existing metal panel. Try an 18 guage peice of galvanized sheet metal. Galvanized sheet metal won't rust easily. But you don't want to breath in the dust from it while cutting, wear a mask.
Good luck with yor project!
Mike B