Yes, a Greenlee brand "knockout punch" (a.k.a. "chassis" punch) would be a choice in your application. If you were to use a hole saw on aluminum, the aluminum would quickly clog the hole saw teeth. You should use cutting oil on aluminum anyway, but the cutting oil would get underneath the overlay of yours and ruin the adheisive.
Go to Home Depot in the electrical section and buy a Greenlee knockout punch for 3/4" electrical conduit. It will punch the correct hole for game buttons.