I had a bear of a time with a hole saw until I saw this tip online. What makes a hole saw slow is that the glue and wood particles jam into the teeth and quickly slow the bit to a near standstill. Here's how to drill a hole in a matter of seconds:
Have the centers of your holes marked and use the saw and mandrel center bit to score the top of the wood. Just enough for it to mark the wood on top. Then use a spade bit about half the size. (ie for a 1 1/8-inch hole, use a 1/2-inch spade bit) Drill a hole with this bit so that it just overlaps the edge of the circle you want to drill. A 1/16-inch overlap is fine. Good spade bits should tear through two pieces of wood in about 20 seconds. Then switch back to the hole saw and complete the drill. Should go through 3/4-inch MDF in about 10 seconds. You should be able to go much faster with the bit without overheating it, too. It helps if you have a quick attach on your drill or, better yet, two drills.
It's also a very good idea to clamp a piece of wood you want to sacrifice to the bottom of the control panel. This prevents blowouts on the bottoms of the holes. If you do this, you'll need to spade drill both pieces, of course, but only need to hole saw the top piece. You'll be able to guess how far in you are and you can feel the bit want to stop when it hits that second piece of wood. Also, a shop vac to suck out the saw dust will greatly speed things up.
Here's how it works: The spade bit hole allows saw dust to escape the cutting area and allows the bit teeth an open area so it can cool.