I'm a complete noob to this, so I won't offer 'advise', but I can tell you about my recent experiences....
As above, I'm a noob, but I'm very enthusiastic and have been into emulation and as a result the idea of a home arcade cabinet for years now...
I'm finally in a position where I have the time, room and money to start making my own six button stick that I can use with Mame and my PS3, so I've thrown myself at it.
Initially, to drill holes for buttons in the CP I was using a corded drill and a 30mm spade (paddle??) bit. It worked on the MDF I was drilling, but not brilliantly, because of my lack of skill and experience I was drilling wonky holes, ripping the MDF and all sorts of sillyness.
Once I was OK with drilling the MDF I tried doing the MDF plus plexi cover, and again ran into problems. This time melting/cracking the plexi etc etc.... Eventually, I had a childish sulk and gave up!!
I've started again but this time I bought myself a great big bench drill from e-bay and a decent hole saw and it's been unbelievably easy in comparison to my previous exploits.
The drill may be a big piece of fairly specialist equipment, but after sticking to a budget and losing out on a few auctions, I managed to get a perfectly working, good condition one for £45. If you're looking to buy a decent corded drill then I would imagine you wont get one for much less than that anyway, and trust me, the sense of achievement I got from finally getting a propperly cut CP, with a perfectly flush plexi cover and all my buttons and my stick mounted was worth every penny

I guess what I'm saying, is if you really want to get into this as a hobby, it's worth investing in equipment, as it can make what was an impossible task for me, a job that took me about 20 mins!!!
Another thing that's occurred to me while typing this... Are you emptying the hole saw between each hole??
I'm not taking the mick, as I know it's a pretty obvious thing to suggest, but it's exactly the mistake I made when I got carried away with the fact that I could finally drill decent holes.
I drilled four holes one after the other without removing the 'plug' of MDF they had cut, so eventually these plugs filled the hole saw and stopped it from being able to drill as deeply as it should....
Cheers for your time
