Check how well the material machines first. If its a decently behaved alloy then trepanning or hole saw will work fine. If its pure aluminium or one of the ill mannered alloys that share the sticky, gummy, "build up on the tip as soon as look at you" characteristics of the pure stuff accepting the waste and mess of turning to swarf may be the sensible option. Even if you have a suitable rotary table and set-up stuff drilling a ring of holes is hardly worth the effort.
First steps in trepanning go a lot easier with something well behaved, OK true of everything but more so in this case. I frequently use the hole saw method but last week lost a tooth from a brand new Starrett holesaw, which promply wrecked the rest, due to assuming the scrapped component source meant well behaved material.
Whether hole saw or trepan Jasons advice to go from both sides is good. If hole sawing remember you can only go about half a tooth deep before having to withdraw and scrub out the chips. Need a top brand holesaw. El cheapos will melt thier teeth on this sort of deep job and, probably, be so far out of round that they jam.
I'd probably just drill 6 or 8 half inch holes in a suitable circle and whack a chisel through the left behind webs. Sometimes crude really is all you need.
Clive