Cutting a hole in sheet metal

Cutting some 80mm holes in 16g plate steel. Do I use a titanium tipped hole saw, or one of those adjustable cutters that fit on a drill and have the 2 bits on a T bar? They say they cut light metal but I'm not sure about that. Any experience? I'd have to use a hand drill on the hole saw as my old 'penny store' drill press has some bad run out and makes hole saws not run true and make some nasty cuts. I could plasma cut these but I'd have to make a wooden stencil to get the circle cut as a circle and not some weird shape.
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