I've run hole saws through metal many times when doing computer case mods, although the metal is thinner - the dynamics are the same, if your metal isn't flush against wood you will burn the hole saw, a little chainsaw lubricant (or bacon grease, motor oil, vegtable oild, whatever is handy) will help keep things cool.
Try clamping the metal in question to a sheet of 3/4" particle board and have a go, I have a sheet of the stuff in my basement with all kinds of circles engraved in it, I call it my hole saw table. To secure the metal I just stand on it, but clamps are probably safer, I run the saw through using my DeWalt variable speed drill @ about 100 RPMs. I use bi-metal hole saws from Home Depot (I think they are called Wolf)
DeWalt rules!
Craig