Good work telengard

I do think you would struggle to drill one perfectly without a drill press. However, if you could use a drill bit slighty larger than the size of the shaft as the 'centre drill' in the hole saw, you should get good results. I dont know if you could get a drill that size in the hole saw center though.
You can, however, pickup a low power drill press for next to nothing. You would be suprised how much easier and precise jobs are with one.
Clamp job to table, drill shaft size, cut out washer with hole saw, jobs a good'en
