I agree...don't do it
You can get a 1 1/8" spade bit, very inexpensive, or a entire set for $5.
When you use them, drill from both sides to prevent blowout.
Drill from front until, the point breaks through, then finish from the back side. A hole saw gives a better cut, and is more expensive. But if you use a spade from both sides, results are more than addequate.
