Ya, that's the steel can idea I was getting at.
I just got home and was curious, so I took the bottom part of a trial size Barbasol shaving cream can, which is about 1 1/4" diameter, and tried boring a hole with it. The cut off edge is real smooth, since this is what I make my alc stoves out of. It didn't cut very well at all. So I dug out my hole punch and made 5 half- hole punches around the top to work like teeth. It bored thru it like butter. Not the smoothest cut, but man was it fast, and plenty acceptable results IMO. The less pressure I applied, the smoother the cut was.