What yaksplat said, slow way down for such a large bit. Also, in a lot of materials such as mdf or metal, it helps to rock or angle the hole saw a little, so its not cutting the entire circumference at one time. you can't do this with a drillpress, which is why I prefer to use a 1/2" corded drill for large HS's. At the slower speed, your Drill press may be stopped by the bit's friction depending on your belt tension and motor size. if so speed back up some.
Also, mdf will gum up the blade teeth with dark brown glazed mdf dust - you may need to stop periodically and clean some of that off with an eraser or paint thinner or brass brush.