Mark the centre, scribe the circle with dividers, drill, saw, chisel the centre away, file to the scribed line. Shouldn't take more than 10 minutes or so in aluminium.
The hole saw option will be a complete dogs breakfast. Hole saws tend not to be especially round and you will end up with an oversize/oval hole.
The way to do this is to use an abrafile in a fret or coping saw. Mark it out with dividers then drill a small hole to get the abrafile in. Then saw out your hole.
Minimum amount of filing then required to achieve the final dimension.
Abrafiles are now sold labeled up as ‘rod saw blades’ I believe.
The hole saw will cut a decent hole if used in a drill press and the plate clamped to a wood backing piece, I have done thousands over the years, usually freehand in a pistol drill.
The saw you link to will need an arbore to mount it though, a cost effective method would be the drill and file method.
When I was making the splashers for my Pansy loco I made steel mig welded "cans / tubes" from 1.6mm thick steel sheet. The diameter from memory was around 5". I used a cheap treppaning tool in the drill press, clamped onto a sacrificial piece of wood on the table. Cutting half way through and turnoing over to complete the cut. Filed away the burs before going on to weld it to the rolled centre piece worked out well.
I’ve also yet to find an equal to the original abrafile. I have a small stock of originals that I use carefully.
I think the nearest equivalent now is a tungsten carbide tile cutting saw blade. Not as good as an original abrafile but should do a good job on the above.
You don't need a big head, just a tool out the side, this quick video was done for Ron in his boring head thread but I just used scraps of 2.5mm ali as an example.
The tool Jason refers to as a trepanning tool is probably what John and I call a tank cutter, originally used in an old fashioned brace, or very low speed power drill.
Just had a look at the photos in the boring thread and now see what you mean. Will check my boring tool to see it the bit will fit the way. At the mo the tool bit points down
The tank cutter type tool works well until you break through, i find attacking from both sides is helpful but you will probably still need to tidy up with a file. Hole saws seem to make a hole but holding to a size is not their strong point. If you don’t mind a bit of filing then jig saw most of the waste and file to size.
As an alternative you could drill a pattern of holes, say 1/2 inch. Air flow is still quite good. If you look at a lot of computer cases you will see they rarely use one large hole, usually a lot of smaller ones, often only 1/4 inch or less.
It doesn't need to be perfect. I certainly wouldn't buy a big hole saw just for this. I think you could do it with an electric jigsaw with a reasonably fine blade, not too fine or it will clog. For ally spray the work with WD40. Support by sitting the sheet on a partly open workmate so that the blade is going between the flat bits.